Copper: We’ve run out of time and the reckoning is coming, page-25

Copper futures traded around $4.3 per pound, close to their lowest level in eight weeks after Codelco, the world’s largest copper producer, projected prices to fall in 2022 amid weak demand from top consumer China, particularly from the property sector. CEO of Chile's Codelco Octavio Araneda forecast a price decline of up to 9% next year, saying copper supply will outpace demand until 2024. He added that only in 2024 higher demand for electric vehicles will match up with the copper output. Codelco expects copper prices to fall in a year to between $3.80 and $3.90 per pound, below projections by Chilean copper regulator Cochilco of $3.95 per pound.

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