Chinese copper demand to grow for over a decade, Freeport exec says

|By:, SA News Editor

China's copper consumption will grow for more than a decade as demand from the world's top user of the metal remains robust despite fears of an economic slowdown, a top executive at Freeport McMoRan (FCX) says.

Worries over slower growth in China, which accounts for 40% of global copper consumption, helped send prices to a 44-month low last week, down 12% YTD.

China's import volumes should remain brisk even if its GDP expansion slows to 3%-4%, while a recovery in the U.S. and European economies also should support copper consumption, FCX believes.