When the International Copper Study Group met last October, it was expecting a market surplus of 155,000 tonnes in 2023. In May, the group changed that to a 114,000-tonne deficit.
Copper and silver are often skipped over in discussions of metals needed for the green economy, with battery metals like lithium, graphite, cobalt and nickel hogging the limelight.
After a hot start to the year, gold’s performance has somewhat subdued in recent months despite the usual supporting factors staying intact, namely high inflation and a bear stock market.
Now faced with the formidable challenge of supplying enough minerals for the global energy transition, the industry has to dig deep to improve its performance.
Global warming has raised the economic status and political importance of critical minerals, but with that also comes an increased risk of resource nationalism across the globe.
The need for more and better infrastructure around the world will only get bigger over time, widening the trillion-dollar gap that already exists between planned investment and the amount needed.
For the world’s leading economy, securing reliable supplies for these minerals is especially important to not only sustain its dominance but also shed its supply reliance on key rivals like China.
