Copper: Things to look for in 2025
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Report summary
Table of contents
- The global economy: A recovery in industrial production remains integral
- Chinese demand: Domestic policy support will underpin copper demand in China, but potential tariffs pose downside risks.
- US: Great expectations for the incoming Trump administration
- The concentrate market: Smelter economics will be in the spotlight as global capacity continues to expand
- Mine supply: We expect global mine supply growth to reach 3.2% in 2025
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