The global copper market may need an additional 10mn mt of metal supply to balance demand in the next decade, according to Trafigura’s chief executive officer, Jeremy Weir.
According to media reports, Weir noted during a recent copper seminar that new decarbonization goals set by the EU and the new US administration will drive the usage of copper in the short- and medium-term. However, he expects China to remain a key player in this market.
He said that copper pricing will remain in a “high-price cycle” to encourage new mines and refined production. Weir added that he expects copper demand to be generated from three main sources, electric vehicles, infrastructure electrification, and emerging markets.