LME WEEK 2021: INTERVIEW: Copper demand strong despite more caution, Codelco chair says

A more cautious approach towards copper - due to factors including fears over energy, logistics and inflation - has failed to deter demand for the metal, according to the chairman of Chilean state-owned miner Codelco.

This includes in China, the world’s largest consumer of copper and where Evergrande, the country’s second-largest real estate company, has been struggling to repay over $300 billion of debt, Juan Benavides said.

He was speaking to Fastmarkets in an interview from London on Monday October 11, having already met with customers ahead of the annual LME Week.

“After being here in London for a week, we see that the market for copper in the short, medium and long term appears to be very attractive - it has a very bright future. The world is becoming greener and greener and from this point of view, copper is a very good material for supporting electric vehicles, renewable energy and so on,” he said.

“Most of our customers are looking now for more copper in the future. Inventories are currently very low, and despite fears over factors including energy, logistics...

Published

Andrea Hotter

October 11, 2021

16:09 GMT

New York