Copper Crunch Shifts Downstream, Study Finds

Benzinga02-19

Copper's long-anticipated supply crunch may not depend on what's under the ground, but rather on what's above it. While industry warnings have focused on declining discoveries and the need for dozens ...

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London benchmark prices have climbed roughly 40% since October, hitting a record $14,000 earlier this year amid supply disruptions and expectations of strong future demand tied to electrification, data centers, and clean-energy technologies.Macke","collect":0,"end_time":0,"defaultTopTitle":"benzinga.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"COPJ":"SPROTT JUNIOR COPPER MINERS ETF","CPXR":"USCF DAILY TARGET 2X COPPER INDEX ETF","BK4588":"碎股","BK4585":"ETF&股票定投概念","BK4535":"淡马锡持仓","XME":"金属与采矿指数ETF-SPDR","CPER":"美国铜指数基金","COPX":"铜矿ETF-Global X"},"translate_title":"研究发现铜紧缩向下游转移","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"CPER":0.67,"COPJ":0.67,"COPX":1.5,"XME":0.67,"CPXR":0.67},"content_text":"Copper's long-anticipated supply crunch may not depend on what's under the ground, but rather on what's above it.\nWhile industry warnings have focused on declining discoveries and the need for dozens of new mines, fresh analysis suggests that, at least in the U.S., raw copper supply is not the primary issue. Instead, the real bottleneck lies downstream, in smelting and refining capacity.\nA study by Benchmark Mineral Intelligence found the U.S. can meet 146% of its domestic copper demand from a combination of mine output, scrap, and overseas supply. That compares with just 40% for China, the world's largest copper consumer, which must rely heavily on imported raw materials.\nThe price of copper has reflected rising concerns about supply and demand. London benchmark prices have climbed roughly 40% since October, hitting a record $14,000 earlier this year amid supply disruptions and expectations of strong future demand tied to electrification, data centers, and clean-energy technologies.\nMackenzie argues that even without overseas mining assets, the country would still be self-sufficient in raw materials thanks to domestic mines and scrap.\nExpanding refining and scrap-processing capacity would do more to improve supply security than acquiring new mines abroad. Stockpiling raw material, or investing heavily in overseas assets, offers limited benefits if the metal still has to be processed elsewhere.\nThis stance challenges policy efforts that have prioritized upstream supply and strategic stockpiles.\nAt the same time, copper's rising price is starting to matter. The metal is increasingly viewed as the key profit driver for diversified miners, particularly as iron-ore markets soften.\nPrice Watch: Global X Copper Miners ETF (NYSE:COPX) is up 20.71% year-to-date.\nPhoto by Ziadi Lotfi via Shutterstock\nTo add Benzinga News as your preferred source on Google, click here.","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"tenantId":"TBGLOBAL","deviceId":"web-server-community-laohu8-v3","version":"4.36.2","shortVersion":"4.36.2","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2612015384","isCrawlerRequest":true}