Commodities traders and investors have turned bullish on the global demand outlook for %Copper, according to a new poll by the London Metal Exchange.
The poll found that a little more than half (51.7%) of survey respondents expect copper prices to rise in the next six months.
The main reason for the optimism is expectations that copper demand will grow in India throughout 2025, coupled with greater electrification around the world.
Copper is a key metal used in electric vehicles, wind turbines, and other so called “green energy” technologies.
The survey also found that about 20% of commodities traders polled see upside potential in aluminum demand, again driven largely by growing use in India.
The bullish outlook comes as India’s government moves to double its installed power generation capacity within the next 10 years.
India’s copper demand is expected to come from the installation of grid lines, transformers, and the last mile of power grids.
By some estimates, India’s copper demand is forecast to grow annually by 8% to 10% over the next decade, although some expect demand growth of 15%.
Aluminum is also anticipated to grow due to its potential use as a substitute for copper.
In India, aluminum is consumed by the electrical sector (48%), followed by the automobile and transport sector (15%), construction (13%), consumer durables (7%), and machinery (7%).
