Iván Arriagada, CEO of copper producer Antofagasta, recently claimed that the refined copper market will enter deficit in 2024 and needs to see higher prices to incentivize more project development. Arriagada claims a deficit of between 200,000 and 300,000 tons will materialize this year, largely on the back of global economic recovery and growing demand from new energy sectors. He claims that despite China’s lacking recovery in 2023, copper demand still rose around 6% year over year (YoY), well above that of the broader economy which saw closer to 4-5% YoY growth. Demand growth for copper isn’t going to be limited to China, with the US and Europe looking to reshore their supply chains to reduce their reliance on China.…