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India Business News: Copper demand in India is expected to reach 1,522 KT in 2023, according to a study by the International Copper Association India. This surge in demand
India has witnessed a remarkable surge in copper demand, with a substantial increase of 16 percent, reaching 15.22 lakh tonnes in 2023, as compared to 13.11 lakh tonnes in the preceding year. These compelling statistics have been unveiled in the 'Copper Demand Study in India (FY23),' released by the International Copper Association India (ICA India) on Friday.
Copper prices continue to trade sideways within a tight range. Amid a lack of bullish or bearish momentum, prices have failed to establish a breakout.
Copper prices are stuck in a sideways trend, even as inventories triple, with challenges from the EV sector and correlations with steel scrap prices hinting at the metal's future.
The strong ramp-up in sales for EVs, led by growth in China, means copper demand will continue to grow for the remainder of the decade, but innovation in EVs has emerged as a limiting factor, according to two recent forecasts.