Monday, April 22, 2024 1:17:12 PM
with MMGYS Soundtrack
Reuters | April 22, 2024 | 5:31 am Intelligence Markets Copper
Flourishing activity in the electric vehicle, power infrastructure, AI and automation sectors will lead to at least 10 million metric tons of additional copper consumption over the next decade, commodity trader Trafigura told Reuters.
Technological developments such as artificial intelligence and automation, and the energy transition, which includes electric vehicles and renewable energy, have already driven up demand prospects for copper cable used to conduct electricity.
Estimates of new demand from these applications vary, but Graeme Train, head of metals analysis at Swiss-based Trafigura, said one third of the 10 million tons of new demand would come from the electric vehicle sector.
“A third is electricity generation, transmission and distribution, and the rest is for things like automation, manufacturing capex and cooling systems within data centres,” he said. Growth in data centres is related to AI.
Accelerating production of electric vehicles, solar panels and grid investment in China, and a pick-up in manufacturing activity in the top consumer, has already boosted demand for copper used in the power and construction industries.
That combined with tight supplies of refined copper metal and concentrate has propelled copper on the London Metal Exchange (LME) to two-year peaks near $10,000 a ton.
Copper industry sources say part of the reason for the price surge are sliding stocks in LME registered warehouses, which at 121,200 tonnes have dropped more than 35% since October last year.
Tight supplies of mined copper or concentrate, the feedstock for copper metal, due to disruptions such as the closure of First Quantum’s Cobre mine in Panama last year have also helped fuel copper’s upward price momentum this year.
Analysts have been revising their forecasts of the copper market balance since in December when Anglo American also cut its production guidance, and some now expect significant shortages in the copper market estimated at around 26 million tonnes this year.
Train expects copper demand to be bolstered by industrialization and urbanization in the emerging world, particularly in India where consumption per person per year is only half a kg.
In China and the developed world, per capita copper consumption is 10 kgs and seven kgs respectively, he said.
(By Pratima Desai; Editing by Jan Harvey)
https://www.mining.com/web/copper-demand-to-boom-as-new-technology-drives-power-consumption-trafigura-says/
Humans Not Needed (Artificial Intelligence Composed Music | Beatles Inspired Pop Song)
Go $MUX...............
.....Go Green.....................
..........Go McEwen Copper............
Recent MUX News
- McEwen Mining Announces Friendly Acquisition of Timberline Resources • GlobeNewswire Inc. • 04/16/2024 04:31:59 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 03/01/2024 02:29:09 PM
- McEwen Mining: 2023 Year End and Q4 Results • GlobeNewswire Inc. • 03/01/2024 02:29:28 AM
- McEwen Mining 2023 Results Conference Call • GlobeNewswire Inc. • 02/28/2024 06:57:19 PM
- McEwen Mining: Stock Exploration Update • GlobeNewswire Inc. • 02/28/2024 12:00:00 PM
- McEwen Copper: Update on Assay Results at Los Azules • GlobeNewswire Inc. • 02/26/2024 03:00:00 PM
- Form 3 - Initial statement of beneficial ownership of securities • Edgar (US Regulatory) • 02/22/2024 09:15:34 PM
- McEwen Copper Reports Improved Copper Recovery • GlobeNewswire Inc. • 02/22/2024 06:24:48 PM
- McEwen Mining: 2023 Production and Guidance for 2024 • GlobeNewswire Inc. • 02/12/2024 09:00:00 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 12/15/2023 09:15:36 PM
- McEwen Mining Closes Flow-Through Financing • GlobeNewswire Inc. • 12/14/2023 05:53:07 PM
- McEwen Mining Appoints a New Director • GlobeNewswire Inc. • 12/13/2023 09:42:37 PM
- McEwen Mining: Q4 Preview • GlobeNewswire Inc. • 12/12/2023 11:51:55 PM
NanoViricides Reports that the Phase I NV-387 Clinical Trial is Completed Successfully and Data Lock is Expected Soon • NNVC • May 2, 2024 10:07 AM
ILUS Files Form 10-K and Provides Shareholder Update • ILUS • May 2, 2024 8:52 AM
Avant Technologies Names New CEO Following Acquisition of Healthcare Technology and Data Integration Firm • AVAI • May 2, 2024 8:00 AM
Bantec Engaged in a Letter of Intent to Acquire a Small New Jersey Based Manufacturing Company • BANT • May 1, 2024 10:00 AM
Cannabix Technologies to Deliver Breath Logix Alcohol Screening Device to Australia • BLO • Apr 30, 2024 8:53 AM
Hydromer, Inc. Reports Preliminary Unaudited Financial Results for First Quarter 2024 • HYDI • Apr 29, 2024 9:10 AM