Copper near $11,000 by year-end but short-term correction possible – GFMS

Jose Raul Mulino said a government report shows there are no immediate environmental or safety risks from Cobre Panama.

The raw materials bill for the average EV is now down to $510 compared to a peak of more than $1,900 at the beginning of last year. 

BMO Capital Markets has lowered its demand estimates for next year on the anticipation that higher tariffs and multilateral trade friction could tamp down industrial output.

"While a large number of countries around the world continue to talk about securing raw material supply, China is actually doing something about it."