Copper to see significant deficit as demand radically improves, ERG CEO says

It is shaping up to be a year of significant deficit in the copper market as tighter-than-expected supply struggles to keep up with a radically improved demand outlook, the chief executive officer of diversified mining company Eurasian Resources Group (ERG) said.

This demand is underpinned by unprecedented levels of so-called green stimulus as economies rebuild infrastructure to take account of decarbonization targets, with a return to copper prices above $10,000 per tonne a near-term reality, Benedikt Sobotka added.
The London Metal Exchange three-month copper price settled down by 0.8% over the week to a closing price of $8,790 per tonne on Thursday April 1. This is down from a $9,562.50 per tonne on February 25.
The last time copper was above $10,000 was in February 2011, when it hit an all-time high of $10,120 per tonne.
According to Sobotka, copper demand growth outside of China is expected to be a driving force in 2021, a step change from recent years.

He noted a quickening pace for the...

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