Conference Foresees Strong Uptrend in Global Copper Demand

The infrastructure spending by the government is likely to unleash the suppressed demand for red metal, he added.

SEATTLE (Scrap Monster): The recent webinar conducted by Waste & Recycling Middle East on the copper market highlighted the potentials for a strong surge in global copper demand during late-2020 and into early-2021.

According to Mayank Pareek, Jain Metal Group, copper demand in the country is likely to fall only by 5% in the current fiscal, despite forecasts suggesting 10.5% contraction in the country’s gross domestic product (GDP). It must be noted that the country had produced around 1.1 million metric tons of copper in 2019-’20. The infrastructure spending by the government is likely to unleash the suppressed demand for red metal, he added.

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Salam Sharif of UAE-based Sharif Metals noted that the regional economies have been badly hurt by the suppressed global demand for metals and oil. The worst is over for the region, as it has started getting back to normality. The healthy order books of electrical cable companies suggest increased demand for metals into next year, he said.

Meantime, Nikaloy Gushevilov of Metallo Group noted that the traders in Europe and elsewhere have been trying to catch up on lost volumes after the slow spring and early summer. However, industrial scrap supply has been lagging, which he expects to pick up towards the end of the current year.

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