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Goldman Sachs says rising EV usage to power higher copper demand

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Goldman Sachs said rising usage of electric vehicles (EV) was a 'key pillar of copper's bullish story', forecasting copper demand from the sector to amount to 1 million tonnes (mt) this year, rising to 1.5 mt in 2025. 'Due to copper’s highly conductive and ductile nature, it is an ideal candidate for tra

Goldman Sachs said rising usage of electric vehicles was a"key pillar of copper's bullish story", forecasting copper demand from the sector to amount to 1 million tonnes this year, rising to 1.5 mt in 2025.

Last year, EV production accounted for about two-thirds of the increase in global copper demand, with EVs likely accounting for about 27 per cent of additional copper consumption over the next decade, the bank said.

 

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