SMM6, 19 March: Stephen Higgins, senior vice president of Freeport (Freeport-McMoRan), said a few days ago that although the demand for copper has not been unusually affected in the context of increased global trade tensions, it is still strong, but if the global trade dispute continues, it may increase the uncertainty of market investment in the copper industry.
Metal prices are considered a barometer of the economy.
Over the past year, copper prices have fallen by about 14 per cent amid concerns that escalating global trade tensions could affect global economic development and demand.
Roberto Ecclefield, chief business officer of Chilean national mining company (Codelco), also expressed concern about the copper industry. He had previously said that if copper prices continued to fall, it could affect miners' investment in the copper industry.
Global copper demand is expected to exceed copper supply this year, and recent emergencies have led to a surge in interference rates in the industry.
On Friday, the Chuquicamata union, Codelco's largest copper mine, went on strike, which could exacerbate the global copper supply gap. "[SMM interpretation] Chuquicamata Copper Mine strike Copper Mine tightening pattern is still intensified
SMM China refined copper production data also showed that production in May was 633500 tons, down 10.33% from the previous month and 15.23% from a year earlier. With the central overhaul of the smelter largely over, SMM expects production to be 704900 tons in June, up 11.27 per cent from the previous month, but still down 2.43 per cent from a year earlier. "View SMM exclusive refined copper production historical data
These developments will no doubt increase concerns about global copper mines and the supply of refined copper.
But Freeport also said that if we do not take into account the recent global trade tensions, the company is still optimistic about the future development of the copper industry, after all, the strong development of new energy sector has led to greater copper consumption. Compared with traditional energy, copper consumption in new energy is 4 to 6 times that of traditional energy.
Electric cars use twice as much copper as traditional cars, while other areas such as smart homes are driving up demand for copper.
By 2030, smart home systems such as Alphabet's Nest thermostat and Amazon's Alexa will use about 1.5 million tons of copper, compared with just 38000 tons currently.
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