Robert Friedland warns of a copper ‘train wreck’

News Snapshot:

Futures are down 10 per cent from a January peak as an uneven post-pandemic recovery in China — the world’s biggest metals consumer — and inflation-fighting efforts by central banks restrains demand. Still, Friedland sees copper’s longer-term prospects supported by decarbonisation, ongoing Chinese demand, the emergence of India and remilitarisation in the wake of Russia’s invasion of Ukraine. Chilean output plateau On the supply side, output in top producer Chile has plateaued as ore quality deteriorates. The industry in general is having to dig deeper and contend with an uptick in resource nationalism and far more stringent environmental and social...