1. “Metal prospects forecast 2024”
2. “2024 Metal market predictions”
3. “Metal investment opportunities 2024”
The Chamber of Mines of the Philippines anticipates a surge in metal demand, particularly for copper, in 2024 due to the global shift towards green energy. Limited supply and the absence of new mining projects are expected to drive up copper prices. Additionally, the Philippines has the opportunity to capitalize on the supply gap created by civil unrest in New Caledonia. The long-term outlook for gold remains positive amidst global geopolitical tensions. Despite a slowdown in metal production in the first quarter of 2024, the industry is optimistic about future prospects. Stay informed with the latest updates on metal markets and industry developments.
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The Chamber of Mines of the Philippines (COMP) is optimistic about the metal prospects in 2024, especially for copper, due to the increasing global demand for metals driven by the shift to green energy. According to COMP chair Michael Toledo, the demand for copper is expected to be “relatively higher” this year, with limited supply as no new mining projects are set to come online in the near future. This trend is likely to result in higher copper prices, as seen in end-May 2024 compared to the same period last year.
Toledo also mentioned that a steady limonite market and growing interest from Indonesian smelters could positively impact nickel prices. The Philippines has an opportunity to fill the gap left by tensions in New Caledonia, where civil unrest has disrupted nickel production. With the fifth-largest nickel reserves globally, the Philippines could benefit from improved offer prices and better transaction prices.
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In addition to copper and nickel, Toledo highlighted the positive long-term prospects for gold as an investment and store of value. The increasing demand for gold from central banks worldwide, coupled with global geopolitics and the US response to inflationary pressures, are expected to influence gold prices in the coming years.
Despite these positive outlooks, the country’s metal production slowed down in the first quarter of 2024 by 12.8 percent, according to a report by the Mines and Geosciences Bureau (MGB). This decline was primarily attributed to metal price cutbacks and a slowdown in mine production.
Overall, the COMP remains hopeful about the future of the mining industry in the Philippines, with opportunities for growth and development in various metal sectors. As the global demand for metals continues to rise, the Philippines has the potential to capitalize on these trends and strengthen its position as a key player in the global metal market.
For more information on the latest developments in the mining industry and metal prospects in 2024, you can visit the Chamber of Mines of the Philippines website or follow industry updates on reputable news sources like the Philippine Daily Inquirer. Stay informed and stay ahead in the ever-evolving world of metals and mining.