CRU, a metals consultant, sees demand increasing about 40% by 2050 even if cleaner technologies aren’t rolled out aggressively.

Though still in its infancy, EV recycling is already profitable and capable of recovering more than 95% of the key minerals.

The sharp growth in gas supply and the drop in prices could lead to a rapid conversion from coal to gas, the bank said.

Vitol, Gunvor and Mercuria Energy are among the traders building out their metals teams, as they look to deploy capital generated by record profits.

By 2050, the World Bank forecasts that demand for the metals and minerals used to produce the clean energy technologies will increase by almost 500%.

State-owned Zesco stated that it is seeking to import power to avert an energy deficit that could affect output in Africa's second-largest copper producer.

Norwegian risk assessment firm DNV said China's coal consumption will see a "minor uptick" in the next two years.