Consumption trends

摘要

Last year the six states of the Gulf Cooperation Council increased consumption of refined copper by around 90,000t according to preliminary CRU figures. We expect demand will continue to grow strongly over the next few years, as the region sees strong GDP and investment growth on the back of substantial oil revenues. Although the region only has a population of around 50 million, it has among the highest rates of population growth in the world (primarily fuelled by immigration) and has the benefit of abundant energy resources. The region's infrastructure investment boom, partly motivated by a desire to diversify away from reliance on oil and gas revenues, has led to a big increase in demand for copper products. The region has been a major net importer of copper semis and wire and cable over the last few years, and is increasingly becoming a significant fabricator.