By 2030, the global demand for copper will reach 28.5 million tons.

By 2030, the global demand for copper will reach 28.5 million tons.

[Seebest Cable News by Mr. Daniel Yao at 09:00 am GMT+08, July 09th, 2022, the news from Cable abc.com]

At present, with the intensification of geopolitical risks, high inflation and the continuous impact of covid-19, copper is facing various risks, which may undermine the prospects of key metals needed to rid the world of fossil fuels.

At the recent World Mining Conference in Toronto, CRU, a British commodity research institution, said that copper was currently facing various risks, including geopolitics, high inflation, COVID-19, slower than expected adoption of green technology, an increase in scrap suppliers, and the substitution and reduction of industrial metals.

Copper prices on the London Metal Exchange fell as much as 2.3% on June 13rd, the largest decline in a month, as concerns that the Fed's interest rate hike will plunge the economy into recession intensified, and commodities fell along with the U.S. stock market. The red metal fell 4.4% this year after surging more than 25% annually in the previous two years.

Nevertheless, the long-term demand outlook for copper remains intact, boosted by consumption in industries such as electric vehicles and clean energy technology. "Green energy should make a significant contribution, and the demand for copper will increase by 2million tons by 2030."

CRU's latest forecast says that global copper demand will grow by 2.1% annually to 28.5 million tons by 2030. By 2040, copper consumption from green energy is expected to account for 20% of total consumption, up from 2% in 2015.

"Without the demand for green energy transformation, global copper consumption will stabilize at about 25million tons around 2027," CRU revealed.