6.4 Million Tons: Estimated excess demand for copper in 2022
Current market consensus is that metal prices will suffer from surplus supply for a while. But according to research firm Wood Mackenzie, this could turn around in 2016. Demand for copper, zinc, lead and nickel is then expected to outpace production from existing mines. For example, the estimated world demand for refined copper in 2022 is 25.1 million tons (mt). However, existing mines are expected to produce only 18.7 mt that year, suggesting a supply gap of 6.4 mt. New mines could close this gap, but even "probable" projects in the mining industry tend to disappoint—or not materialize at all.
Learn more about the challenges and opportunities in metals from BlackRock's natural resources experts.
Source: BlackRock; Wood Mackenzie, 2012
Prepared by BlackRock
Delivered courtesy Joel W. Grams, CRPC®, CLTC,
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