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
Copper steadied in a mixed session for metals on Tuesday, with prices hovering slightly above a four-month low hit a day earlier as commodities got caught up in a tumultuous global selloff of risk assets.
Aluminum ticked up while zinc extended losses, after a frenzied opening day of the week that wiped out billions across global markets. Investors are now tracking whether Monday’s drama — ending with copper at its lowest since March — points to deeper troubles ahead.
The main headwind for metals over recent months has been China, where subdued manufacturing and a grim housing market have hammered confidence. There now appear to be growing concerns about a hard landing for the US economy.
Broader financial markets were calmer on Tuesday, with Japan’s two main share gauges up sharply and US stocks bouncing back after three days of losses.
Copper was little changed at $8,899.00 a ton as of 3:43 p.m. on the London Metal Exchange. Zinc dropped 1%, nickel declined 0.1%, and tin gained 1.2%.
Read More: Commodities face contagion as global market meltdown deepens
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