April 26, 2024
Today at
10:55
The scarcity of copper has pushed the price to $10,000 per tonne for the first time in two years.
The copper price has reached a psychologically important limit. The price of the base metal has risen to $10,000 per tonne for the first time since 2022, as supply cannot keep up with the surge in demand. Copper has become 17 percent more expensive since the beginning of this year.
The revival of global industrial activity has increased demand for copper. Demand will increase sharply in the coming years as millions of tons of copper are needed for the production of electric cars, renewable energy and the expansion of the power grid. Demand from investors is also growing, because they expect a further price increase.
The development or expansion of copper mines is very expensive. Copper prices need to rise to $12,000 per tonne to justify major investments in copper mines, says Olivia Markham of the Blackrock World Mining Fund.
