Goldman's Currie Sees Oil at $110 by Q3 on China

The transcript discusses the impact of the post-Chinese Lunar New Year reopening on oil and copper markets. It forecasts oil prices reaching $100 due to increased international travel and further growth to $110 by the third quarter. The reversal of the zero-COVID policy and property market stimulus are key factors. Copper is highlighted as critical for decarbonization, with a structural supply imbalance expected to drive prices up to $15,000 per ton. The markets are currently priced for a recession, with inventories exhausted, indicating potential for significant price increases.

What does the speaker mean by saying 'copper is the new oil'?

What factors are contributing to the expected increase in copper prices?