BHP Sees Copper Surplus in Short Term Before ‘Fly-Up’ Prices
- World’s top miner forecasts excess global supply through 2025
- But predicts wave of demand in the final third of this decade
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BHP Group Ltd. offered a cautious near-term outlook for copper, while sticking to the widely-held view that the energy transition metal is eventually headed for severe shortages and much higher prices.
The world’s second-biggest copper supplier cut its forecast for Chinese demand this year, and warned of a modest global surplus through the end of 2025, in an overview of commodities markets released with its full-year earnings. But it predicted a “fly-up pricing regime” later this decade, driven by a prolonged worldwide deficit.