[email protected]   📞 +1 (855) 661-4441(US)   📞 +44 1720 412 167(UK)   📞 +91 2269738890(APAC)

Decreasing Copper Production May Impact Green Energy Transition

By Shubhendra Anand , 15 January, 2024

The global market will face copper deficiency, as the world's largest copper mines have been forced to close due to elevated demand for refined metals in 2023. Panama closes the first Quantum Minerals Ltd. copper mine, resulting in declining production of tons of copper in 2023. The initial months of 2024 are expected to witness low copper supplies in the market, citing above mentioned reasons.
According to surveys, the Chinese market will suffer significantly with declining copper supplies in 2023. The deficit of copper is expected to move into 2024 as copper mining fails to meet the increased demand for copper in the Chinese market. China is known to depend on copper due to growing usage in different fields compared to previous years in 2023. Analysts cite the above points as the essential factors that showcase declining copper supplies. Survey reports suggest that refined copper usage will increase by 1.2 percent towards the end of 2023 and 2.4 percent by 2024. Further, surveys report that the manufacturing of copper-based products will increase in the market despite the lack of copper supplies.
Earlier in the beginning of December 2023, the Panamanian government warned about the closure of cobre copper mines, regarded as the world's largest copper mines. The Cobre copper mines are known for producing 400,000 tons of copper annually. Another American Mine, Anglo American Plc, reveals a plan to reduce copper production by 200,000 tons for 2024. The survey further reveals that copper production will fall through 2025. Based on the survey results, copper prices have risen by 1.5 percent compared to prices at the beginning of 2023.
The reduction in copper production shows the importance of copper in the transition to green energy. Copper accelerates the clean energy transition that countries aim to achieve by 2050. Copper production is much needed in light of the transition to green energy for renewable energy infrastructure and the rising demand for electric vehicles.

Copper Monthly Metal Index

.jpg

Latest News

Plant-Based-Alternatives-in-2025.jpg
Surge in Plant-Based Alternatives Innovative APAC Innovations and Consumer Interest Set to Hit Shelves in 2025

The Plant-Based Surge: New Meat Alternatives Hitting APAC Shelves Market 2025 is benefitting from an innovation cycle, a change in diet preferences, and sustainability needs. There is an emerging focus from start-ups, universities, and global food…

Read More

Amey.jpg
Recycled Polymers Surge in Global Packaging Demand in 2025

The global packaging industry is projected to have a sharp increase in the consumption of recycled polymers in relation to sustainability goals by 2025. This change is likely caused by regulations, business commitments to sustainability, and advances…

Read More

s-Role-in-Reducing-Food-Waste.jpg
Flexible Packaging Market 2025 Sees Strong Growth Driven by Food Waste Reduction Initiatives

The Flexible Packaging Market’s role in reducing food waste in 2025 is becoming increasingly pivotal as governments, food producers, and packaging companies align around sustainability targets. With global food waste exceeding 1.3 billion tons…

Read More

Startups-Scale-Bio-Based-Resin-Production-in-the-CnM-Market-2025.jpg
Green Chemistry Update Startups Scale Bio-Based Resin Production in the CnM Market 2025

In 2025, the CnM (Composites and Materials) Market is witnessing a pivotal shift as green chemistry startups accelerate the production of bio-based resins, driven by regulatory pressures and sustainability commitments across industries. The momentum…

Read More

precent.jpg
Solar Prices Fall by 12% in the first quarter of 2025 Effects on India's Renewable Energy Sector

In the first quarter of 2025, India experienced a remarkable decline of 12 percent in the cost of solar photovoltaic (PV) systems for the first time in history. This is a turning point for the country's renewable energy sector. The improvements in…

Read More

Author Pic
Shubhendra Anand

Head Research