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.