ANZ: Copper & aluminum demand may be raised by China's energy shortage
Time:Mon, 29 Aug 2022 09:56:19 +0800
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ANZ analysts said that the energy shortage in China are likely to lead to higher demand for copper and aluminum as the tight power supply raised the need for more investment in the electrical grid.
According to ANZ’s report, China's copper demand growth in 2022 and 2023 was raised due to increased investment in the power industry. Besides, the investment in ultra-high-voltage electricity lines will also increase aluminum demand as more than 12% of the aluminum used in China is for wires.
ANZ expected aluminum demand to grow by 3.1% this year, higher than the previous forecasted 2.6%, and the growth in 2023 is likely to reach 4%, which will boost aluminum prices further.
