Copper prices surge with anticipated increase in demand

The price of copper (HG) started a strong bullish trend in February after dipping to $3,70 and has gained $1 since then, gaining around 30% in value, sending copper to $4.70.  Last week we saw a dip below $4.50, but the uptrend resumed pretty fast and the price is heading for new highs now.

Goldman Sachs has revised its commodities and particularly the copper projection from $10,000/tone to $12,000, reflecting the increasing trend towards scarcity in the copper market in 2024, particularly in the concentrate segment. With no immediate solution in sight for near-term mine supply, the market may resort to demand rationing to maintain functionality.

Some of the sectors which will increase the demand for copper are the electric car infrastructure and Automation, which are all undergoing rapid expansion. According to commodity broker Trafigura, this trend is anticipated to increase copper consumption by at least 10 million metric tonnes over the next decade.

London-listed company KEFI Gold and Copper plc (LON:KEFI) is an exploration and development company focused on gold and copper deposits in the highly prospective Arabian-Nubian Shield. The Company operates in Ethiopia and Saudi Arabia with projects including Tulu Kapi project, Jibal Qutman EL and Hawiah.

Click to view all articles for the EPIC:
Or click to view the full company profile:
Facebook
Twitter
LinkedIn
KEFI Gold and Copper

More articles like this

KEFI Gold and Copper

Kefi Gold Set to Launch Tulu Kapi Project in Ethiopia

Kefi Gold and Copper, an AIM-listed company, is making significant strides towards launching its Tulu Kapi gold project in Ethiopia, slated for mid-2024. This project, which is situated in a high-grade gold zone with 1.72 million

KEFI Gold and Copper

KEFI Gold and Copper reports progress at Tulu Kapi project in Ethiopia

Aim-listed Kefi Gold and Copper has reported good progress, to schedule, at its high-grade Tulu Kapi gold project in Ethiopia. The remaining finance syndicate board processes are on track for final (conditional) approvals during May, while project launch preparations have started at Tulu Kapi. Kefi

KEFI Gold and Copper

Gold on track for third monthly gain

Safe-haven gold was poised for a third consecutive monthly gain as geopolitical risks and central bank demand lifted bullion’s appeal, although prices fell on Tuesday as market focus shifted to the Federal Reserve’s policy meeting. Spot

KEFI Gold and Copper

Rising demand for Copper driven by electric vehicles and AI

Flourishing activity in the electric vehicle, power infrastructure, AI and automation sectors will lead to at least 10m tonnes of additional copper consumption over the next decade, commodity trader Trafigura told Reuters. Technological developments such as