https://us2.campaign-archive.com/?e=02e2394a9b&u=7cbc7dd79831a84c870f9842e&id=c99f41d551
Joe wants an all EV future, but no U.S. copper production. Something isn’t clicking here.
Seeking Alpha (3/29/21) reports: “Copper demand is expected to increase as more electric vehicle manufacturers ramp up production. Morgan Stanley breaks down the impact of EVs on copper supply. ‘Our commodity team assumes an average of 20kg of copper in the average ICE light vehicle and 75kg per copper in the average BEV. Applied to our de-adoption of ICE and our adoption of BEVs in our global auto forecast suggests a growth in copper demand for light vehicles (excluding infrastructure) to approximately 3.4 million tons by 2030 vs. around 1.6 million tons today for a CAGR just shy of 8%.’ MS notes that the global copper market is a 22M ton market for refined copper with the total market being around 28M tons which includes 6M tons of scrap in between. MS sees a risk in the middle of the decade of a copper shortage and notes a copper substitute could be more than ten years out. Copper prices are already near their 10-year highs. Tesla has been warning for the last couple of years about a potential global shortage of battery minerals.”
Copper demand from auto industry expected to double as EVs ramp up
