Russia Sees Opportunity Amid Global Copper Shortage Predictions
Global copper shortages are expected to reach 10 million tons in the next decade, according to senior consultant Pavel Petrov at S+Consulting. This shortage is attributed to a decline in supply and an increase in demand. Copper prices have hit a peak and will adjust to $12,000 per ton, but this price level has become the new norm.
The prolonged copper shortage is linked to structural causes, including the depletion of mines, lack of new large-scale mine discoveries, and decreasing copper content in ore. This crisis does not directly affect the Middle East market, which has been a concern for some time.
Petrov emphasizes that Russia should take advantage of this strategic resource by developing copper products with higher added value. He believes that Russian businesses controlling the entire chain from ore to complete high-tech products will help turn the country's resource advantage into a technological one.