Copper demand is forecast to increase significantly as demand for electric vehicles surges to 140 million by 2035, BHP says.
Copper miners will be the first metal producers to feel the impact of growing electric vehicle demand, says company executive Arnoud Balhuizen.
Paul Benjamin, research director at Wood Mackenzie, shares his insight on the copper price rally, the copper market and what’s ahead for the red metal.
When US President Donald Trump was elected last year, many mining companies thought he would help them move their projects forward. Has that actually happened?
CEO Ivan Glasenberg expects electric car demand to boost the need for copper and the company’s other key metals, and is positioning Glencore accordingly.
Speaking at this year’s Sprott Natural Resource Symposium, Friedland also named three companies he’s currently bullish on.
A weaker dollar and decreasing warehouse stocks also supported prices.
Copper demand for electric vehicles and buses could rise to 1.74 million tonnes in the next decade, a new study says.
A production disruption at Freeport-McMoRan’s Grasberg copper mine, the second-largest in the world, pushed prices higher this week.
Electric cars use three to four times more copper wiring than standard internal combustion engines. As they become more popular they could boost copper demand.