Glencore Plc Chief Executive Officer Gary Nagle said that while some people were assuming that the industry would lift copper supplies as it had in previous cycles to meet a forecast increase in demand driven by the energy transition, “this time it is going to be a bit different.” He presented estimates showing a cumulative gap between projected demand and supply of 50 million tons between 2022 and 2030. That compares with the current world copper demand of about 25 million tons a year. “There’s a huge deficit coming in copper, and as much as people write about it, the price is not yet reflecting it,” Nagle said.
- Date Posted:
- December 9, 2022