India's copper demand rises by 13% to hit 1,700 kilo tonnes in FY24

India's copper demand grew by 13 per cent annually to hit 1,700 kilo tonnes in FY24, driven by the rapid pace of infrastructure development and building constructions, the International Copper Association India said on Monday.

Traditionally, building construction and infrastructure account for 43 per cent of copper demand while contributing 11 per cent to GDP, International Copper Association India said in a statement.

As per the study undertaken by the International Copper Association India, the copper demand in the country witnessed a 13 per cent year-on-year growth in FY24, reaching 1,700 kilo tonnes (kt).

This surge is attributed to overall economic expansion. After the Covid pandemic, the average annual copper demand increased by 21 per cent between FY21 and FY24, the industry body said.

It further said that the demand for the commodity will continue to rise in the next financial year as well, fuelled by rapidly growing infrastructure and building construction sectors in the country.

As per the latest GDP data, the infrastructure and construction sectors grew by 9.1 per cent and 6.8 per cent, respectively, in the first half of the ongoing financial year.

"The trends reflect robust growth in copper demand, aligning with India's GDP growth trajectory. The growth is fuelled by public and private sector investments, higher consumer spending, and advancements in key sectors like building construction, infrastructure, transportation, industrial and consumer goods wherein copper demand grew by double-digits," International Copper Association India Managing Director Mayur Karmarkar said.