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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 commentary reflects softening expectations across metals markets as China grapples with slowing economic growth and a protracted property crisis. Copper prices surged to a record in May before retreating as the Chinese demand outlook deteriorated. Consumption there will grow 1% to 2% this year, down from 6% in 2023, BHP said.
BHP reiterated its view that, over the longer term, global copper supply will struggle to match a looming wave of demand from renewable energy, data centers and a vast expansion in power grids. The metal has been the subject of eye-watering price forecasts because there are few major new mines in the pipeline.
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