The content will continue after the announcement
Advertising
–
The price of copper (copper), used in everything from computer chips to toasters to power systems and air conditioners, has fallen by nearly a third since March. Investors are selling their shares, fearing that a global recession will reduce demand for the metal.
“We will look back to 2022 and think, ‘Whoa …'” John Laforge, head of real estate strategy at Wells Fargo, told Bloomberg. “The market reflects only immediate concerns. But if you really think about the future, you can see that the world is changing. Everything is electrified and this will require a lot of copper. “
Global caper stocks are approaching dangerously low levels. Recently, mining giant Newmont Corp. postponed plans to launch a $ 2 billion gold and copper mining project in Peru. Freeport-McMoRan Inc., the world’s largest public copper supplier, warned that prices are currently “insufficient” to support new investments.
It takes at least a decade to open new caper mines, so the current decline in investment could mean that when the world runs out of metal, it will take a decade for shortages to begin to diminish. This, in turn, will significantly slow down plans to roll out green electricity, which in turn will continue to have a negative impact on the planet’s climate.
Bloomberg recalls that the demand for capers will increase by 50% in the next few years, but by 2024 its extraction will have reached its maximum point, unless new projects are started.
“Goldman Sachs” predicts that the price of copper on the London Metal Exchange will almost double in 2025 to an annual average of $ 15,000 per ton. This week, on Wednesday, the price of copper fell to USD 7,690 per ton.
–
Related
