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Trafigura Predicts Surge in Copper Demand as New Technology Increases Power Consumption

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The demand for copper is set to skyrocket in the next decade, driven by the flourishing activity in the electric vehicle, power infrastructure, AI, and automation sectors. According to commodity trader Trafigura, at least 10 million metric tons of additional copper consumption are expected.

Graeme Train, head of metals analysis at Trafigura, highlighted that a third of the new demand would come from the electric vehicle sector, with the rest coming from electricity generation, transmission, distribution, automation, manufacturing capex, and cooling systems within data centers.

The surge in demand for copper is also attributed to the accelerating production of electric vehicles, solar panels, and grid investment in China, as well as an increase in manufacturing activity in the top consumer. This has led to a boost in demand for copper in the power and construction industries.

Tight supplies of refined copper metal and concentrate have further fueled the rise in copper prices on the London Metal Exchange, reaching two-year peaks near $10,000 a ton. Disruptions in the copper supply chain, such as the closure of First Quantum’s Cobre mine in Panama, have also contributed to the upward price momentum.

Analysts predict significant shortages in the copper market this year, with estimates around 26 million tonnes. Train expects that copper demand will continue to grow, especially in emerging markets like India, where per capita consumption is currently low compared to China and the developed world.

Overall, the future looks bright for the copper industry, with increasing demand from various sectors driving growth and innovation in the market.

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