MAIN FACTS ABOUT THE COPPER MARKET AS PRICES HIT RECORD HIGHS
Copper surged to record highs on Monday as a recent rally triggered by short covering created momentum for speculators and funds to bet on higher prices of the metal. Below are the main facts about the copper market. Copper is used in the power and construction industries and is widely expected to benefit in future from the green energy transition via additional demand from the electric vehicle sector and new applications including data centers for artificial intelligence (AI).
Deposits of copper, one of the first metals used by humans, are widespread around the globe. Scrap accounts for significant amounts of global supply annually. Global copper trade includes all major products in the processing chain - concentrates, blister and anode, cathode and ingots, scrap and semi-fabricated products. The global 26.5 million-ton refined copper market was balanced in 2023, but faces a surplus of 162,000 metric tons this year and 94,000 tons in 2025, according to the ICSG, as refined production is forecast to rise by 2.8% in 2024 and 2.2% in 2025.
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