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%.

The output of the red metal would be a 6% increase from the 5.51 million tons expected to be produced this year.

Fabricators have struggled to pass on higher costs to their customers, forcing them to rein in purchases since March, one copper trader said.

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.

CSA, acquired from Glencore, is one of Australia’s longest operating copper mines with a history stretching back almost 150 years.

The mining giant said its quarterly production of copper rose to 1.1 billion pounds from 965 million pounds a year earlier.

Copper prices have recently been bolstered by expectations of tight supplies and optimism about demand prospects from energy transition.

Operating profit fell 52% from 3.41 billion in the first quarter of 2023.