Clean energy and digitalization programs are expected to push average annual growth demand for copper up by 2.5% this decade, which could drive consumption toward 30 million tons by 2030.
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Slumping demand drove prices down at the height of the pandemic in March. However, benchmark copper on the London Metal Exchange was trading around $5,909 per metric ton Tuesday, up 0.5%. That's close to its five-month high of $5,928 hit earlier this month, Reuters reported. Demand for copper could fall by as much as 5% in 2020 due to the pandemic-driven recession, he projected. But, widescale fiscal stimulus measures would help drive demand for the metal back to pre-crisis levels next year, he noted, with traders and miners expecting consumption to rebound by 4% in 2021.for the metal earlier this month, expecting prices to rise 5.4% in 2020 to $5,621 a ton. They kept their projection for 2021 unchanged at $6,250 per ton.
"The electric vehicles industry currently makes up just 1% of copper demand. By 2030, many analysts expect that figure to reach 10%," he said. "The rise of the copper economy will have political implications," he said. "China's dominant position as a buyer of the raw material will likely give it more political leverage over copper mining regions."
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