India’s refined copper demand to grow by 11% in FY24 on govt’s infra development plans, transition to renewable energy

The domestic refined copper demand growth will remain healthy at ~11 per cent in FY2024 and FY2025, outpacing the rate of global growth in copper demand, given the Government’s thrust on infrastructure development and a gradual transition to renewable energy, according to a report by ICRA. Per the report, the price of copper is expected to remain range-bound at current levels of ~8200-8300/tonne in the near term and it foresees a stable outlook for the domestic copper industry.

In the domestic market, around ~40 per cent of the copper is consumed in the infrastructure and construction sector and ~11-13 per cent each in the automobile and consumer durable sectors.