COPPER SEMINAR: Copper price yet to factor in new energy transition, Freeport CEO says

Copper prices may be soaring, but the market is not yet factoring in key future demand from decarbonization and the new energy transition, the chairman and chief executive of Freeport-McMoRan said.

Richard Adkerson, who has been at Freeport since 1989 and watched multiple pricing cycles evolve, said the natural comparative period for the currently soaring copper price is 2010-11, when the market peaked at record highs around $4.50 per lb, or $10,124 per tonne. “Every situation is different, but I do feel this has a degree of an echo from where we were ten years ago when copper hit its all-time high of $4.50 per lb. The echo with 2010-11 is how fast copper demand recovered, led by China, following the financial crisis of 2007-08,” he said during an interview at the virtual Fastmarkets Copper Seminar on Friday March 12. The current rally comes after the Covid-19 pandemic fueled a decline in prices to a low of $4,626.50 per tonne a year ago, before a steady ascent to current levels not far shy of record highs. It is a move that Adkerson...

Published

Andrea Hotter

March 12, 2021

13:35 GMT

New York