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Copper is critical to the energy transition. It is already used widely in electrical cabling applications, and the greater need for wiring in electric vehicles (EVs) and in renewable electricity generation will add to consumption from other, traditional sectors.
In 2022, traditional sectors accounted for 92% of refined copper demand, with energy transition sectors, such as wind and solar power and EVs, accounting for the rest.
The Fastmarkets copper long-term forecast leverages our heritage in providing price data and market intelligence in the copper market. These insights are paired with economic modeling and data to provide market participants and investors with unmatched clarity on how the copper market will evolve in the next 10 years.
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Chinese authorities officially announced that they will be expanding the range of permitted recycled copper and aluminium imports from mid-November, but market participants Fastmarkets spoke to at a conference this week are not convinced that this will mean more material will be imported into the country in the short run.
Unprecedented supply tightness and record low treatment and refining charges (TC/RCs) are likely to challenge copper smelters in 2025 – even more than in 2024, sources told Fastmarkets.
Copper concentrate treatment charges (TCs) are expected to remain low in 2025, with the market likely to remain tight, sources from across the industry told Fastmarkets.
Copper’s versatile applications and robust demand shape a complex global market outlook for 2024, with stable prices in the US, a mild recovery in China, and weak conditions in Europe, while Q4 forecasts suggest upward price pressure.
Market participants shared insight into the market dynamics for copper, nickel, zinc, lead and tin during LME Week, which ran September 30-October 4
Freeport-McMoRan is in the process of ramping up its new copper smelter in Gresik, Indonesia, in a move that has seen the company switch away from being a marketer of concentrates as it becomes a fully integrated producer in the country, the company’s chief executive officer Kathleen Quirk told Fastmarkets in an interview during the London Metal Exchange (LME) Week 2024.
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