COPPER SEMINAR: Copper to stay above $3/lb amid healthy demand drivers, Codelco chairman says

Copper prices are expected to remain volatile above $3 per lb for the next several years, with key demand drivers staying healthy, according to the chairman of Chilean state-owned miner Codelco.

Speaking during an interview at the virtual Fastmarkets Copper Seminar, Juan Benavides said that electromobility, renewable energy and infrastructure programs would be supportive of the metal going forward.
“We see more or less, over the next three to four years, demand growing at 2-3% a year and supply at the same 2-3%. So we see a good market for copper,” he said during the conference.
“Prices will see ups and downs around, more or less, $3 per lb and more; today it's $4 per lb. In general, we see a good market for copper, [its] key drivers are very healthy,” Benavides said.
Copper prices have doubled in the past year amid a resurgence of interest in the metal from the investment community, along with a rebound in demand growth from China and a continued push toward decarbonization and infrastructure projects.

Benavides, who was appointed chairman of Codelco in May...

Published

Andrea Hotter

March 12, 2021

15:35 GMT

New York