Raw materials: Why copper prices are reaching record highs
The industrial metal is in demand not just from gangs of thieves. Hardly any future industry can manage without it. Is a shortage looming?
Copper prices have reached record highs this year, currently trading at around 13,000 euros per tonne on the London Metal Exchange, up 15% since January. The high prices have attracted criminals who steal copper from solar parks, charging stations, and vacant houses. The demand for copper is expected to grow, driven by the increasing adoption of electric vehicles and the expansion of power grids, with the International Energy Agency (IEA) predicting a 25% increase in demand by 2040.
The IEA warns that a 25% supply gap is possible by 2035, and the production of copper may not be able to keep up with demand due to declining ore grades and the challenges of opening new mines.
Written by urgent.news from Handelsblatt's report — not a translation of it. Machine-written — may contain errors; check the original before relying on it.
