Future Copper Demand and Supply Forecasts

Demand side:

New energy power generation: wind power and photovoltaic unit installed copper consumption is high, and is expected to continue to grow in the next few years.

New energy vehicles: copper consumption per vehicle is significantly higher than traditional fuel vehicles, and copper consumption is expected to continue to grow in the coming years.

Power sector: global power demand growth will drive further growth in copper consumption.

Supply side:

Copper mine increment is limited, and the growth rate of copper mine supply is expected to be 1.7% and 3.5% respectively in 2024-2025.

Copper cathode production growth is slow, raw material supply is tight, and TC/RC is expected to remain at a low level.

Industry Competitive Landscape and Resource Reserves

Industry leader: Zijin Mining is the leading copper miner in China, with a large amount of copper resources and a high static reserve-to-mining ratio.

Resource reserves: Zijin Mining tops the list with approximately 75 million tonnes of copper resources, showing its leading position in the industry.

Price Trend and Market Expectations

Price forecast: Goldman Sachs expects copper prices to reach US$12,000 per tonne by the end of the year and average US$2,850 per tonne in 2025.

Market expectations: Despite the uncertainty, the market is optimistic about the long-term performance of copper prices, particularly driven by new energy and power demand.

In summary, the future development trend of copper is favourable, mainly benefiting from the growth of new energy and power demand as well as the resource advantages of the industry's leading companies.