Investor Presentaiton
Copper - Pricing, Supply and Demand
Copper Price
US$
12,000.0
Supply and Demand
10,000.0
8,000.0
6,000.0
4,000.0
2,000.0
2017 2018 2019 2020 2021 2022
2023 2024f 2025f 2026f 2027f
Kt
Kt
25,000.0
Concentrate
300.0
Demand CAGR:
3%
200.0
20,000.0
100.0
15,000.0
10,000.0
COPPER.
GROWTH
(100.0)
(200.0)
(300.0)
(400.0)
(500.0)
(600.0)
2017 2018 2019 2020 2021 2022 2023 2024f 2025f 2026f 2027f
Copper Concentrate Demand (LHS) -Supply and Demand Surplus/ (Deficit) (RHS)
5,000.0
.
•
Historic Price
Forecast Price
Pricing: The price of copper increased significantly between 2017 - 2021 following
a supply imbalance and increased global stimulus, before a strong sell off in 2022
amidst recessionary concerns despite the remaining supply chain issues and low
global inventory levels
Copper prices are forecast to continue rising following primary supply deficit
impacted by both declining global copper grades and discoveries, and overcoming
of global recession concerns leading to a stabilisation of interest rates
Source: S&P Capital IQ.
•
Demand: Despite a slowing Chinese economy, ambitious copper-intensive
initiatives such as decarbonisation remain supportive of copper prices over the
long-term
Supply: The copper market is anticipated to enter a deficit in 2024 which should
have upward pressure on prices. Furthermore, recent (Dec 2023) suspension of
the Cobre Panama Copper Mine will further reduce global supply by c. 1.3% based
upon 2023 production
Note: (1) 2009 to 2023 copper prices are actual LME Cash prices. 2024 to 2027 forecast prices are an average of LME Cash, Shanghai Futures Exchange and COMEX forecasts.
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