Mining News

Global copper supply to outpace demand next year, says RBC

Global copper supply will outpace demand over the next two years, helped by several upcoming large mine projects, RBC Capital Markets analysts said on Wednesday.

The brokerage in a note said it expects the industrial metal’s price to be at $4.32 per pound in 2022, and then drop to $3.75 in 2023 and 2024 on a “small” surplus in the market.

Large untapped copper mining projects like Quellaveco in Peru, Timok in Serbia and Quebrada Blanca Phase 2 in Chile are set to begin production in mid-2022 and in early 2023, normalizing demand growth.

Share this article