Billionaire Friedland Says Copper Market Weakness Is Temporary
- Ivanhoe founder Friedland say there is a ‘crisis of supply’
- Friedland says he is very bullish on outlook for copper demand
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Billionaire mining investor Robert Friedland said the tumble in copper prices is a temporary setback and the metal that’s essential for the decarbonization of the global economy continues to face a supply crisis.
The note of confidence from Friedland comes after China’s economic activity disappointed expectations since strict pandemic restrictions were removed late last year, weighing on metals demand. Weak domestic demand saw copper fall below $8,000 a ton for the first time in six months on Wednesday, adding to broader gloom about the global economy.