Copper

Copper

2023 in Review: Domestic Copper Demand Rides on Economic Growth Momentum Amidst Global Headwinds

As we reflect on 2023, the domestic copper demand has proven resilient, bolstered by the pick-up in economic activities. Despite facing global headwinds, the infrastructure push has played a significant role in supporting growth. Looking ahead to 2024, the outlook remains strong, with ICRA projecting a 10-11% growth in copper consumption in India.

The Role of Economic Growth in Copper Demand

The correlation between economic growth and copper demand has been evident in 2023. As the economy expands, the need for copper in various sectors, including construction, manufacturing, and power transmission, increases. The infrastructure development initiatives have provided a substantial boost to the demand for copper, further reinforcing its significance in driving economic progress.

Positive Outlook for Copper Consumption in 2024

With the positive momentum from 2023, the forecast for copper consumption in 2024 is promising. The projected growth rate of 10-11% indicates a robust demand for copper in the coming year. This optimistic outlook is a testament to the continued focus on infrastructure development and the overall economic growth trajectory.