Russian miner, Nornickel, has projected a steady growth in the global copper market, with an anticipated rise of 2-3 percent for both 2023 and 2024. The company attributes this surge to the evolving electric transportation sector, enhanced electricity transmission networks, and growth in renewable energy production.
The forecast highlights a significant total growth of 20 percent by 2035, which means an expected demand spike from 24.8 million tons in 2022 to a substantial 30 million tons/year by 2035. With an uptick in Chinese economic activity on the horizon, copper demand might see a 2 percent rise in 2023, amounting to 25.3 million tons, and a 3 percent growth in 2024, culminating at 26 million tons. Similarly, copper production from mines and refined sources is also set to increase by 2 and 3 percent in 2023, respectively.
