WoodMac Warns Copper Demand to Surge 24% by 2035

WoodMac Warns Copper Demand to Surge 24% by 2035

From oilprice.com

Global copper demand is projected to rise 24% by 2035, driven by electric vehicles, renewable power, data centers, and grid modernization, according to a new forecast released Wednesday by consultancy Wood Mackenzie. The report highlights that the world will need about 8.2 million tonnes more refined copper annually, pushing total demand to roughly 42.7 million tonnes per year within a decade. Wood Mackenzie said in its analysis, “Soaring copper demand an obstacle to future growth,” that the scale of new supply required poses a serious challenge for miners, given that major discoveries and permitting timelines ... (full story)

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