Insight
Copper: Things to look for in 2024
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Report summary
As we look ahead into 2024, growing economic and political uncertainty amid the slew of elections in some key copper producing and consuming countries is an area we will be watching closely. Crucially, the timing of any interest rate cuts as well as energy transition related developments will determine the strength of demand, notwithstanding the uncertainties due to the ongoing war in Ukraine and the escalating tensions in the Middle East. Mine supply and smelter capacity are set to increase this year, with the potential for repercussions in the custom concentrate market. Although inflationary pressures are easing, costs are still increasing, and this represents risks for mining companies.
Table of contents
- An inflection in global interest rate trends creates some optimism for copper demand in 2024.
- The energy transition will continue to support consumption, but this will not be without risks.
- Will Chinese demand surprise to the upside again in 2024?
- Can copper concentrate producers deliver?
- Will copper projects progress despite political risk?
- Costs continue to be elevated.
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