Copper: The red metal that could be the next oil

Over the last few years, the world has shifted towards a more sustainable and renewable energy future, thus, copper is emerging as a critical component in the transition.

This reddish-orange metal, often overlooked in favour of more captivating resources like gold or lithium, is ready to play a vital role in powering the modern world.

According to an IMF projection, 39.1 million tonnes of copper will be demanded by 2040 against 25.9 million tonnes in 2023.

Oil on the other is expected to see a sharp decline by 2040 with 66 million barrels per day against the 101.9 million barrels produced every day in 2023.

Why Copper?

Copper is a crucial component in electrical wiring, circuits, and motors. As the world transitions to electric vehicles and renewable energy sources, copper demand is expected to surge.

Copper is extensively used in solar panels, wind turbines, and other renewable energy technologies. As these technologies become increasingly prevalent, copper will play a vital role in their development and deployment.