Copper dropped 2.2 percent to $7,054.50 at 3:21 p.m. on the London Metal Exchange Tuesday. A close at that price would mark the biggest drop since Dec. 5.
Following the 2016 launching of the Collective Action Initiative for the Metals Technology Industry, the program announced today that it has added a new member.
The London-listed miner said production in three months to Dec fell 30 pct to 148,477 oz. compared with a year ago and 22 pct from the previous quarter.
The average E.V. requires 80kg more copper than a regular vehicle. There is also significant copper needed to build out E.V. infrastructure in the power grid as well as battery charging infrastructure.