The Electric Car Revolution Will Need a Lot of Copper

Usage in electric cars alone to up demand by 1.2 million tons
Indian copper offtake to grow by as much as 10 percent a year

Copper rods sit stored on racks after being solidified by the continuous casting process at the Aurubis AG headquarters in Hamburg, Germany. Copper for delivery in three months fell as much as 1.9 percent to $6,230.75 a metric ton on the London Metal Exchange, the lowest since June 2010, and traded at $6,237.

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By Archana Chaudhary and Swansy Afonso

November 8, 2017 at 8:33 AM UTC

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Demand for copper globally is set to jump 22 percent in as soon as five years on increasing usage of the metal in electric vehicles, solar and wind power sectors, according to Indian billionaire Kumar Mangalam Birla’s Hindalco Industries Ltd.

Consumption is seen rising to 28 million metric tons in the next five to seven years from about 23 million tons now, J.C. Laddha, head of the Indian company’s copper unit, said in New Delhi at an industry conference. Electric vehicles alone will boost global copper demand by 1.2 million tons, he said.