There are signs that China is already tightening credit, which may result in slower spending on copper intensive infrastructure and construction projects.
IDTechEx says that when countries like India mention ambitious electrification targets, they are referring to the electrification of two-wheelers and micro-mobility, not cars.
As copper bulls pushed prices to decade highs, the end of a six-month corporate spat showed that some investors were still reluctant to back a long-term bet on the metal.