Global copper shortage may reach 10 mln metric tons over next decade — expert

MOSCOW, September 24. /TASS/. The global copper shortage could reach 10 mln metric tons over the next decade, while the metal is becoming a strategically important resource on par with oil and gas, senior consultant at S+Consulting Pavel Petrov told TASS.

"After hitting record highs, the price will correct to $12,000 per metric ton, but that level will become the new normal. Over the next decade, the shortage could reach 10 mln metric tons. Copper is becoming a resource comparable in strategic importance to oil and gas in the 20th century, and Russia should use this to strengthen its technological sovereignty," he stressed.

According to the expert, a persistent copper shortage is emerging globally and will continue until at least 2030. "The reasons are predominantly structural. At the same time, the Middle East crisis has had no direct impact on the copper market. Demand growth is linked to the depletion of deposits and the lack of major discoveries, existing mines reaching peak production, and declining copper grades in ore," he explained.

Petrov also noted that high global copper prices should serve as a signal to develop domestic production of higher-value-added copper products. "Russian companies’ control over the entire chain, from ore to finished high-tech products, will make it possible to turn the country’s resource advantage into a technological one," he added.