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According to Capitalight Research's latest monthly newsletter, LME spot copper prices are expected to be $4.
20 per pound in 2021 and $3.
96 per pound in 2022
, after setting a new record of $4.
88 per pound on May 10.
The Toronto-based research team noted that "copper price trends must remain well above long-term incentive levels (i.
e.
, around $3.
50 per pound) to justify new mine development
.
" ”
Global copper demand will grow by 3.
8% to about 25 million tonnes
in 2022, the report said.
While the supply of red metals in the coming years will be supported by new copper mines, such as Kamoa-Kakula in the Democratic Republic of Congo, Mina Justa in Peru and Timok in Serbia, as well as new projects under development such as Teck Resources' Quebrada Blanca Phase 2, it expects "the current wave of mine expansion to peak in 2024 and a mine supply demand gap is expected to appear in the second half of 2025.
"
。 ”
"Demand for copper from renewable energy projects, energy storage and electric vehicles could double to 8.
5 million tonnes by 2025," the report said, noting that "China's macroeconomic developments, as well as increased demand related to global decarbonization, will drive increased
demand for copper products.
" ”
According to Capitalight Research's latest monthly newsletter, LME spot copper prices are expected to be $4.
20 per pound in 2021 and $3.
96 per pound in 2022
, after setting a new record of $4.
88 per pound on May 10.
The Toronto-based research team noted that "copper price trends must remain well above long-term incentive levels (i.
e.
, around $3.
50 per pound) to justify new mine development
.
" ”
Global copper demand will grow by 3.
8% to about 25 million tonnes
in 2022, the report said.
While the supply of red metals in the coming years will be supported by new copper mines, such as Kamoa-Kakula in the Democratic Republic of Congo, Mina Justa in Peru and Timok in Serbia, as well as new projects under development such as Teck Resources' Quebrada Blanca Phase 2, it expects "the current wave of mine expansion to peak in 2024 and a mine supply demand gap is expected to appear in the second half of 2025.
"
。 ”
"Demand for copper from renewable energy projects, energy storage and electric vehicles could double to 8.
5 million tonnes by 2025," the report said, noting that "China's macroeconomic developments, as well as increased demand related to global decarbonization, will drive increased
demand for copper products.
" ”
