Outlook

CopperOutlook

New capacity needed to meet rapid copper demand growth

Ample copper supplies next year and in 2023 will keep the market balanced, but miners need to start investing in new capacity now to meet a pick up in demand growth as economies switch to renewable energy. Copper prices at around $9,900 a tonne, close to the record $10,190 a tonne hit in February 2011, are significantly above levels needed for new projects and expansions to be profitable. Many projects were shelved after 2013 when prices fell below minimum profit thresholds. "For 2030/2031 we are looking at a supply gap...
Outlook

Gold nears nine-month low

Gold extended declines, approaching a nine-month low as the pace of US vaccine rollouts and plans for further stimulus boosted bond yields and the dollar. Bullion is heading for its first quarterly decline since 2018 amid a nascent global recovery that’s reduced the haven appeal of the metal. In recent weeks, its price has mostly treaded water, but faces renewed pressure from a resilient dollar and rising bond rates. A selloff in exchange-traded funds backed by gold is further eroding support. “We see increasing rates and a stronger dollar from Biden’s...
Battery MaterialsOutlook

Fitch Solutions forecasts nickel demand for EV batteries to grow 29.2% per year to 2030

Fitch Solutions expects nickel demand for EV battery manufacturing to experience an annual average growth rate of 29.2% over 2021-2030—outpacing demand for both lithium and cobalt. This estimate is a significant increase from the market analysis firm’s 2018 forecast, due to upwards revisions in its EV sales forecasts. Nickel demand will be supported by the metals persisting popularity in battery cathode chemistry, with downside risks caused by concerns over future supply availability, Fitch said. Fitch bases its forecast on the underlying assumption that NMC 811 cathodes will rise to 80.0% of NMC...
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