Global Industry Overview - Copper: Production Growth To Accelerate To 2021 As Prices Rise - JAN 2018
BMI View: Global copper production growth will accelerate over the coming years as rising prices encourage project development.
Global copper mine production will experience steady growth over the next few years, supported by markets with low operating costs and improving copper prices. We forecast global copper production to increase by an average annual rate of 3.6% over 2018-2026 as a number of major projects come online. In terms of volume, we expect global copper output to climb from 20.0mnt in 2018 to 26.6mnt by 2026. Following a modest contraction in 2017 due to operational disruptions, elevated copper prices will incentivise project development, particularly in key countries such as Australia and Peru.
|Global Copper Mine Production ('000 tonnes) & Growth (% y-o-y)|
|f = BMI forecast. Source: National sources, USGS, BMI|