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SOURCE / ECONOMY
By GT staff reporters Published: May 25, 2021 07:53 PM
Two ships carrying copper concentrates from Ecuador dock at a port in East China s Anhui Province on February 29, 2020. Photo: cnsphoto
Chinese companies at various stages of the copper industry chain, from importers to producers, have seen prices soar due to growing demand. The copper price has been rising in recent months, and it hit a record high of 79,000 yuan ($12,332) per ton in May, compared with about 35,000 yuan in March of 2020, a sales manager surnamed Si from Shandong Huaqiang Cable, a supplier for State Grid, told the Global Times on Tuesday.
Prices of iron ore, copper, corn and other bulk commodities have been volatile around the world.
The 2020s are expected to be the strongest phase of volume growth in global copper demand in history, as per Goldman Sachs. Goldman Sachs has argued that the critical role copper will play in achieving the Paris climate goals cannot be understated. Without serious advancements in carbon capture and storage technology in the coming years, the entire path to net zero emissions will have to come from abatement - electrification and renewable energy. As the most cost-effective conductive material, copper sits at the heart of capturing, storing and transporting these new sources of energy. In fact, discussions of peak oil demand overlook the fact that without a surge in the use of copper and other key metals, the substitution of renewables for oil will not happen, the report said.