As we move into 2011, with copper prices at $8000 per tonne and predictions of over $9000 for the coming year, it has to be asked if the copper industry is having it too good. Is investor activity now driving prices and price driving supply and demand, instead of the other way round? Will substitution come back with a vengeance in the next year or two if prices stay high – and more importantly – volatile? What do end-users of the metal have to say about real consumption prospects? Can we assume that copper usage is going to continue growing in all regions and applications? And are the miners simply riding the crest of the wave with little thought to the longer-term health of the industry? Where does this leave the smelting, refining and fabricating segment – historically a less profitable business? Are they benefiting to the same degree? Can recycling fill the gap and also help margins?
All these are issues that will come under the microscope at Metal Bulletin Events' 24th International Copper Conference – the key forum for debate involving all segments of the industry chain from all parts of the globe.