Soaring demand for copper will help drive mergers, BHP CEO says
Demand for copper, a key element in the energy transition, is set to rise by 70% to 100% by 2050, Mike Henry said
The copper price climbed on Monday, buoyed by expectations that China would roll out more stimulus to revive its economic growth and boost demand.
Copper for delivery in September was up 1.31% on the Comex market in New York, touching $3.86 per pound ($8,492 per tonne).
Click here for an interactive chart of copper prices.
Investors are awaiting a Politburo meeting in China this week where policy makers might signal more stimulus measures to revive industrial demand.
China’s state planner on Monday unveiled measures that seek to promote, encourage and spur activity of private investment.
The most-traded August copper contract on the Shanghai Futures Exchange dipped 0.2% to 68,470 yuan ($9,525.60) per metric ton.
Near-term demand for copper remains lackluster in the world’s top consumer.
Operation rates among copper product producers in China are seen lower in July, some even below last year’s July level, CITIC Futures said in a note.
(With files from Reuters)
