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Australia may usher in a copper mining boom
Category: Industry News
2017-03-07
Citigroup's Australia division analysts released a report earlier this week predicting that by the end of 2020, the Price of copper may surge to US\$8,000 per ton, at which point many Australian mining companies will shift their focus to copper mines. Analysts stated that, due to urbanization, China currently consumes 40% of the world's copper, and demand continues to grow, exceeding expectations. This indicates a shortage of copper inventories in the Chinese market and the end of cost deflation. Simultaneously, the US-centric re-inflation following Trump's election will also drive copper Prices upward.
The group's analysts believe that the average Price of copper is expected to increase by 8.3% and 5.8% respectively over the next two years, before falling back to US\$7,115 per ton. Furthermore, the sharp decline in investment in copper mining since 2012 implies a tight copper ore supply in the coming years up to 2020.
Citigroup Australia Division analysts released a report earlier this week predicting that by the end of 2020, copper prices may surge to US$8,000 per ton, when many Australian mining companies will shift their focus to copper mines. Analysts said that due to the impact of urbanization, the Chinese market currently consumes 40% of the world's total copper, and demand continues to grow, exceeding expectations, indicating that the Chinese market is short of copper inventories and the end of cost deflation. At the same time, after Trump won the election the re-inflation of currency centered on the United States will also trigger an upward trend in copper prices.
The group analyst believes that the average price of the copper market is expected to increase by 8.3% and 5.8% respectively in the next two years, and then fall back to US$7,115 per ton. In addition, since 2012, the sharp decline in investment in the copper mining industry means that the supply of copper ore will be tight in the next few years until 2020.
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