Copper ready to explode on Fed rate cut, Ivanhoe’s Friedland says

Special Report: Could Copper Become the Mining and Metals Saviour?

Robert Friedland, Founder and Executive Co-Chairman of Ivanhoe Mines, joined Bloomberg Markets in New York on January 23, 2024, where he discussed supply challenges in the metals market, the impact of Federal Reserve rates on the outlook for copper, and global demand driven by military needs and the greening of the world economy.

Mr. Friedland told anchor Katie Greifeld he believes copper will reach $9,500 per ton.

“The physical market is very tight and now in deficit and with the Fed likely to cut rates, the dollar denominated price of copper is likely to go up,” he said.

Friedland pointed to strong copper demand out of China in 2023, with the country consuming more of the red metal than any year before. This robust demand, he noted, is not isolated to China but part of a broader international trend. Significant growth in copper demand is being witnessed across the globe as the growing movement towards sustainability and the greening of the world economy advances.

Mr. Friedland also participated in an interview with Future Mineral Forum TV in Riyadh, Saudi Arabia, on January 10, 2024. He discussed Saudi Arabia’s vital role in the green energy transition, and emphasized the critical role of international cooperation, extending from Central Asia to Africa. Mr. Friedland highlighted the innovative technologies that are essential to extracting vital minerals for a green and sustainable future economy.

For Mr. Friedland’s interview on Bloomberg and at the Future Minerals Forum, please click here:


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