Freeport CEO expects copper demand to remain resilient
CEO Kathleen Quirk expects AI and electrification to drive copper growth despite market jitters. The company is also seeking more U.S. government support.
Freeport-McMoRan Inc. is projecting continued resilience in copper demand, underpinned by the global push for electrification and the infrastructure needs of the artificial intelligence sector. Despite geopolitical tensions in Iran that have unsettled broader markets, the company remains confident in the secular growth of the red metal. Copper, often called "Dr. Copper" for its role as an economic barometer, is essential for data centers, electric vehicle batteries, and power grids. Prices for the metal have declined by nearly 10% since the United States and Israel launched strikes in the Middle East in late February, but CEO Kathleen Quirk views these fluctuations as temporary.
Speaking at the CERAWeek conference hosted by S&P Global Inc. in Houston, Kathleen Quirk noted that the demand from high-tech sectors is secular rather than cyclical. Discussions with customers have been dominated by the needs of the technology industry, particularly for computer servers and related infrastructure.
