On Wednesday, prices of copper increased due to Peru’s mines starting to transport products again after three months of protests.
Copper futures for May delivery rose by 0.54% to $3.99 per pound on March 08’s Asian afternoon session.
Las Bambas, which produces 2.00% of the world’s copper, was expected to reach the coast in the coming days.
According to analysts, they have the mining corridor practically unblocked. The easing of protests and road blockades should boost confidence in the sector. They added that mining firms were considering new investments.
Also, experts mentioned that it is essential that big companies invest in Peru. They expect copper production and exports to rise this year due to the country’s conflict in its final stage.
Furthermore, the government has identified $6.90 billion in mining investments this year and the next. This would be likely to consist of seven projects.
Meanwhile, the protests sometimes led to sharp plunges from key mines like Las Bambas and Glencore. Nevertheless, the market’s analysis showed that activities are returning to normal since the lifted blockades.
However, some communities threatened to start new blockades focused on the mining corridor highway. The path is critical for the arrival of outputs and mines and the shipment of copper.
Producers of Copper Aims at a Zero Emission Target
By 2050, copper demands are forecasted to double to 50.00 million tons from 2020 levels. On Tuesday, the International Copper Association (ICA) set a target for members to cut direct and indirect emissions.
They plan to reduce 30.00% to 40.00% in 2030 and 70.00% to 80.00% by 2024 before reaching zero by 2050.
Furthermore, copper producers set to reduce emissions by decarbonizing the power supply. It can improve efficiency and scrap collection. Since production from scrap metal can be done by electricity, decarbonizing is easier.
Also, the ICA said the sector should be an attractive investment for profits utilizing social and environmental criteria.
