Copper Price Set to Rebound Amid Supply Shortages and EV Demand Surge, Miners Respond

Energy Metals News Commentary
Issued on behalf of Usha Resources Ltd.

VANCOUVER, BC, July 26, 2024 /CNW/ -- Energy Metals News – Despite recent setbacks in the price of copper (falling 20% in just two months), analysts at big banks and funds such as BMO, Citi, and Goldman Sachs believe that factors such as a recent Chinese smelter supply shortage and constrained mine supply will push the red metal's price back up. According to a report from Financial Times, the world's largest copper miners are predicting closer collaboration with their end users as copper shortages are set to flare up in the years ahead. A new study from the International Energy Forum, is already warning that the world needs 55% more copper mines to meet its EV transition goals. The mining sector is doing what it can to prepare for this surge in demand, with recent developments made by Usha Resources Ltd. (TSXV:USHA.VN) (OTC:USHAF), Freeport-McMoRan Inc. (NYSE:FCX), Rio Tinto Group (NYSE:RIO), BHP Group Limited (NYSE:BHP), and Lundin Mining Corporation (TSX:LUN.TO) (OTCPK:LUNMF).