BHP, Glencore, and Teck Resources have reported significant profit increases, largely due to soaring copper prices. Demand for copper has surged in recent years, driven by its essential role in renewable energy technologies, electric vehicles, and AI data centers, which led to a 40% price increase on the LME last year. Despite these gains, experts forecast a structural supply deficit this year due to slow mine development and high financial risks associated with new projects, pushing the sector towards consolidation.
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Copper, a coveted metal boosting miners
BHP, Glencore, and Teck Resources have reported significant profit increases, largely due to soaring copper prices. Demand for copper has surged in recent years, driven by its essential role in renewable energy technologies, electric vehicles, and AI data centers, which led to a 40% price increase on the LME last year. Despite these gains, experts forecast a structural supply deficit this year due to slow mine development and high financial risks associated with new projects, pushing the sector towards consolidation.