Copper demand to boom as new technology drives power consumption, Trafigura says

FILE PHOTO: Raw copper from Zambia awaits export in a warehouse at Newlyn Terminal at Bayhead at the port in Durban

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. 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.

In China and the developed world, per capita copper consumption is 10 kgs and seven kgs respectively, he said.

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