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Why the copper price will continue to rise

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Why the copper price will continue to rise

May 24, 2019
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Because of its wide availability and exceptional conductivity, copper is found in everything from consumer products to automobiles to semiconductors.

Flake of Copper. Photo by E. Burk

Last year global demand for the red metal stood at 23.6m tons, and by 2027, it’s projected to reach just under 30m, representing an average annual growth rate of about 2.6%.

According to metals specialist Frank Holmes, this phenomenal growth is attributable not just to the rise of middle-class consumers but also thanks to our steady rotation into clean, renewable energy. Renewable energy forms, especially wind and solar, require many more times the amount of copper than the traditional energy sources.

Whether you’re a believer in renewable energy or not, the tipping point may have already occurred. And we haven’t even mentioned electric vehicles (EVs), which are notorious copper gobblers. All of this leads to the conclusion that 2019 could be copper’s year and therefore will boost shares in copper miners.

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