Norilsk Nickel expects global copper deficit at 3–5 mln tns soon

VLADIVOSTOK, Sep 6 (PRIME) -- Russian metals giant Norilsk Nickel expects the global market to have a 3–5 million tonne deficit of copper in 2028–2030 as no new production ventures are to be launched, Alexander Popov, vice president and head of the company’s Trans-Baikal division, told reporters on Tuesday.

Norilsk’s Baikal division produces mainly copper, gold, and iron, and the main sales market is China.

“The strategic direction of our development is copper, and its price fell to U.S. $7,000 per tonne from $10,000 per tonne,” he said.

“But if we look into the world’s plans, we will see that only a couple of ventures are to be launched in 2023–2024, and no new facilities are scheduled after that, this is why there will be a deficit of about 3–5 million tonnes in 2028–2030,” he said.

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