• Copper demand is expected to grow by 4% year-on-year in 2024; Cobalt demand up 15%
Driven by global supply challenges and growing demand, the copper market in 2023 has shifted from projected affluence to shortage
Going into 2024, strong market fundamentals, including green energy initiatives, set the stage for further growth and higher prices for copper
• China's copper demand grew by nearly 7% year-on-year in 2023, thanks to aggressive economic stimulus and the easing of Covid-19 restrictions
· Cobalt demand is expected to increase by 15% year-on-year in 2024
Globally, cobalt-containing batteries are maintaining market share, driven by strategic shifts in the electric vehicle supply chain in the West, aiming to decouple from their Chinese counterparts
Electric vehicle sales continue to grow at double-digit rates and are expected to account for 21% of total vehicle sales by 2024. While there will be less demand for cobalt in the portable electronics segment in 2023, we expect demand to increase significantly this year due to the high level of expected alternatives.
