According to CRU Group, copper production from existing mines is set to fall sharply in the coming years, and miners would need to spend more than $150 billion between 2025 and 2032 to fulfil the industry’s supply needs.
Copper prices on fire; India import bill could rise by 35%
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Copper prices on fire; India import bill could rise by 35%
Rajesh Chandramouli / TNN / Updated: Feb 24, 2021, 13:43 IST
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(Representative image)
CHENNAI: A combination of factors record high copper prices coupled with aggressive buying by China and the largest copper smelter in India remaining shut for the second year in a row will make copper imports 35% more costly in 2021.
“LME copper prices touched nine years high in January to average $7,961 per tonne. Prices have touched the highest level since 2012 due to supply crunch of copper concentrates caused by disruptions in mining operations due to Covid-19 challenges amidst rising demand, “ wrote Madan Sabnavis, chief economist at Care, in a research report.