Copper Market Analysis
This report analyses existing supply and demand forecasts and discusses some of the many assumptions and sensitivities that need to be considered when analysing the potential copper market supply and demand dynamics in 2030.
It appears to be an accepted fact that over the coming decade there will be insufficient copper supply to balance the demand for copper. However, this is not the view of everyone in the market and this has prompted us to take a closer look at the copper market to see how these views can be so different. This report considers the current supply and demand assumptions and examines the outlook for copper to 2030.
The result is a market deficit of about 1.9 Mt. While the assumptions used are open to debate, they are not unreasonable, and the forecast shows a materially smaller deficit to that assumed by the general market consensus.
Nevertheless, this still suggests that copper supply is likely to struggle to match demand forecasts and more investment is required in greenfield and brownfield production. More investment, more M&A and more innovation will all be needed which will likely require higher copper prices relative to historical levels.
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Research
David Bird
+44 (0)20 3440 6800
Corporate Broking
Charlie Cryer
+44 (0)20 3440 6834
