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Copper substitution inevitable

The inescapable reality of lagging copper supply in the face of a hungry energy transition and resulting global electrification is likely to mean the red metal is selectively substituted out of the manufacturing sector in favour of aluminium, according to BMO analysts Colin Hamilton and Kimberly Berman.

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Copper supply pressures may be alleviated by substituting in aluminium

"Sometimes the numbers just don't work, and when unconstrained modelling results in a [circa] 9 million tonne supply-demand imbalance in the copper market for 2030, a change of approach is needed,"