The strong ramp-up in sales for EVs, led by growth in China, means copper demand will continue to grow for the remainder of the decade, but innovation in EVs has emerged as a limiting factor, according to two recent forecasts. In a report this week, Goldman Sachs said EVs accounted for two-thirds of the global demand growth in copper last year. "Some of the projections out there have been very aggressive in terms of potential green energy demand (for copper)." Goldman Sachs called innovation in batteries and the potential shift to higher voltage systems like Tesla's "the main threat to copper's EV demand leverage." It expects copper demand for EVs to be 1 million metric tons this year and 2.8 million by 2030.

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Persons: Goldman Sachs, Robert Edwards, Tesla, Elon Musk, CRU's Edwards, Mai Nguyen, Kevin Krolicki, Emelia Sithole Organizations: EVs, CRU Group, London Metal Exchange, Thomson Locations: HANOI, China, EVs, Hanoi, Singapore