Bright future for copper, as the metal leaps more than 20% this year
New Delhi/Mumbai — Demand for copper globally is set to jump 22% in as soon as five years on increasing usage of the metal in electric vehicles, solar and wind power sectors, according to Indian billionaire Kumar Mangalam Birla’s Hindalco Industries. Consumption is expected to rise to 28-million tonnes in the 5-7 years from about 23-million tonnes now, JC Laddha, head of the Indian company’s copper unit, said in New Delhi at an industry conference. Electric vehicles alone will boost global copper demand by 1.2-million tonnes, he said. India is also expected to benefit from the electric-vehicle push as Prime Minister Narendra Modi seeks to turn all passenger car sales electric by 2030, Laddha said. “But even without the demand from electric vehicles, demand should rise to 1.8-million tonnes to 2-million tonnes,” he said. Copper has rallied more than 20% in 2017 this year along with other industrial metals on prediction of tighter supplies and increasing global economic growth amid ne...
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