Copper consumption will increase in line with surging demand for decarbonization as part of the energy transition, but a combination of factors will eventually see this trend reverse, according to analysis by G&H Metals & Mining Consultancy.
The copper-focused consultancy, a collaboration between Plusmining and Simon Hunt Strategic Services (SHSS), told Fastmarkets that the annual growth in copper consumption will rise from around 2.0-2.5% currently to about 4.0-5.0% before reversing. The initial growth trend is being led by the powerful drive to meet net-zero carbon emissions goals by 2050, aided by the switch to electric mobility as well a rise in the use of renewables, including solar power, all of which require intensive use of copper, G&H said. "Primary copper supplies will be unable to meet this...