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Decarbonisation demand will support copper prices

Friday, January 22, 2021

Significance

Record imports by China caused demand to exceed supply, creating a market deficit of 1.2% (278,000 tonnes) in 2020. Dollar weakness in the second half of 2020 added to nominal gains, and seasonal fourth-quarter demand provided additional support.

Impacts

  • The Democratic Republic of the Congo has postponed its plan to ban copper concentrate exports until the end of April.
  • Barrick is rumoured to be thinking of buying Arizona-based Freeport; this would create a copper-gold mining powerhouse in North America.
  • Ivanhoe’s study of its Kakula mine (Democratic Republic of the Congo) claims it is the world’s most environmentally friendly copper miner.
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