This Morning in Metals: Copper demand to fall 5.4% this year, IWCC says

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This morning in metals news, copper demand is set to take a fall this year, iron ore prices are getting a boost and the Pilbara Ports Authority announced new risk-assessment measures.

Copper demand decline

According to the International Wrought Copper Council, global copper demand this year is expected to decline by 5.4%, Kitco News reported.

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Meanwhile, 2021 is forecast to bounce back 4.4% next year, according to the IWCC.

Iron ore boost

As for iron ore, recovering demand in China and potential supply disruptions in Brazil, which is currently struggling with a rise in COVID-19 cases, could again contribute to a further rise in iron ore prices, Australia’s ABC News reported.

The boost in prices has proved to be a boon for the government of Western Australia, which posted a budget surplus last year for the first time in five years, according to ABC News.

Pilbara updates COVID-19 protocols

As ports aim to mitigate the spread of COVID-19, many have rolled out updated policies and protocols.

Australia’s Pilbara Ports Authority recently released new measures “to ensure that quarantine arrangements are applied fully to shipping at our ports.”

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“Pilbara Ports Authority (PPA) has always applied strict biosecurity processes at its ports to protect Australia from unwanted pests and diseases,” the PPA said. “Since the emergence of COVID-19, PPA has tightened its protocols as laid down by Australian Border Force and the Department of Health and to emergency directions that have been issued by the WA Government.”

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