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Copper Talk: Reuters report says Chinese copper demand will remain strong for 10 years

China buys 40% of the world's copper Prices are spending another week below $3/pound. Year-to-date prices are down over 10%.

An executive from Freeport-McMoRan Copper and Gold Inc executive said China will continue to be a major consumer of copper throughout the next decade. According to a Reuters report, Javier Targhetta, Freeport’s senior vice president for marketing and sales said:

"We are seeing still robust consumption in China. Of course there can be hiccups here and there. I think Chinese consumption of copper will keep growing for more than a decade."

It’s estimated China accounts for 40% of global copper consumption. The red metal has been attracting more attention than usual because copper prices are down more than 10% this year and are still below $3 per/pound.

More from Reuters on the copper situation

 

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