Slow Growth in Copper Supplies

Figure 1: Copper supply has grown slowly since 2013, rising less than 2% per year

Energy costs and copper

Figure 2: Copper prices have followed oil prices closely thus far this century

Figure 3: Higher prices for Eurasian natural gas may fuel demand for alternative energy

China’s Economy and It’s Influence on Copper Demand

Figure 4: Copper often follows the Li Keqiang Index with a lag of 3-5 quarters.

Figure 5: China’s industrial growth appears to influence copper prices with a lag of several quarters

The Pandemic Shift in Consumer Demand May Have Boosted Copper