While demand has yet to catch up with supply in the current market environment, automotive manufacturers are already anticipating that electric vehicle (EV) demand will rise in the future, which could drive copper prices even higher. Automotive manufacturers are already in a pinch when it comes to selling EVs.
Chile maintains its status as the top copper-producing country globally. But it's facing the challenge of aging copper mines.
Copper prices appear to be marching to the beat of their own drum. The industrial metal has decoupled itself from the market movements inherent in base metals as well as oil.