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Copper Demands Decline Due to Cancelation of Wind Energy Projects
By Shubhendra Anand , 13 February, 2024
The clean energy transformation leads to a surge in wind energy production. The clean energy transition is expected to be achieved by 2050. Therefore, wind energy continues to acquire more funds for the production and research facilities to develop renewable energy in 2023. Floating offshore production of wind energy requires more technical infrastructure for commercial distribution. However, offshore wind project cancellations give rise to concerns regarding copper demands in 2023.
The copper industry sees an increasing demand in 2023 after offshore wind cancels the wind projects in 2023. The copper prices have increased up to 2 percent in October 2023 resulting in rise in copper prices to highest levels in the industry since September. The copper industry faced a decline in the Copper Monthly Metals Index (MMI) in November; the copper prices fell by 0.59 percent from October to November 2023. The copper demand also affected the electric vehicle sales in 2023. Electric vehicle sales keep rising, but the growth pace started showing signs of exhaustion. The decline in market sales of electric vehicles and wind energy project cancellations led to lesser demand for copper in the industry. Electric vehicle sales affected copper demands as they require four times more copper than conventional engine vehicles.
Experts believe copper market dynamics are affected due to the fluctuating copper demands in 2023. The copper market sees minimal need, while the issue of oversupplying copper persists in the renewable energy sectors. The renewable industry sees significant setbacks in 2023 due to a lack of infrastructure for wind energy production, increasing copper prices. Major wind energy projects are canceled due to supply chain disruptions, higher interest rates, and tax-related problems in 2023. These fluctuating market conditions are the main reasons behind the decline in copper demand.
Decline in Coopper MMI Results in 0.59 Percent from October to November 2023
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