Insight
Copper: Things to look for in 2025
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Report summary
Global economic recovery and China's policies will boost copper demand and prices. The energy transition is positive, but climate initiative momentum loss and nationalist policies add unpredictability. Price volatility, geopolitical shifts, and M&A activity are key themes in the sector for 2025.
Table of contents
- The global economy: A recovery in industrial production remains integral
- Chinese demand: Domestic policy support will underpin copper demand in China, but potential tariffs pose downside risks.
- US: Great expectations for the incoming Trump administration
- The concentrate market: Smelter economics will be in the spotlight as global capacity continues to expand
- Mine supply: We expect global mine supply growth to reach 3.2% in 2025
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