Copper consumption has reached record levels as prices climb. The metal traded above $14,300 per tonne on the London Metal Exchange on October 30, up nearly 30% over a year. It had reached almost $14,900 on September 9.
Demand is being driven by construction, electronics and household equipment, as well as the expansion of digital industries, the energy transition and defense. Copper is facing pressure from all three of these major areas of demand, according to the report.
Financial analysis firm S&P Global forecasts that global copper demand will increase by 50% by 2040. The International Energy Agency expects demand to outstrip available supply by 25% by 2035, a shortfall that is encouraging closer ties between mining groups.
Sources: Le Monde Économie.