With global copper inventories already in a slump, a rebound in demand in Asia could deplete inventories, and copper prices are set to hit record highs this year.
Copper is a key metal for decarbonization and is used in everything from cables to electric vehicles and construction.
If Asian demand continues to grow as strongly as it did in March, global copper inventories will be depleted in the third quarter of this year. Copper prices are expected to reach US$1.05 per ton in the short term and US$15,000 per ton by 2025.
Metal analysts also said that the United States and Europe have successively launched clean energy industrial policies, which have accelerated the rise in copper demand. Annual copper consumption is estimated to increase from 25 million tonnes in 2021 to 40 million tonnes by 2030. That, combined with the difficulty of developing new mines, means copper prices are sure to soar.
Post time: Apr-26-2023