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Feb 13 (LTIT) - According to reports, Citigroup expects that the number of gasoline vehicles produced in China will drop by 9% this year, while electric vehicle production will increase by 53%. “This will lead to a 0.3% increase in net demand for copper in the automotive industry,” said Citibank Oliver Nugent. Citi said that in the longer term, from 2018 to 2030, the amount of copper used in electric vehicles will account for two-thirds of the increase in copper demand. It is expected that copper prices will reach $6,700 per ton in 2019, driven by an overall 2% increase in Chinese demand and a Sino-US trade dispute resolution. |
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