Theme Overview
The circular economy represents both a threat and opportunity for commodity markets. Recycled copper already supplies approximately 30% of global demand, and recycled aluminum requires 95% less energy than primary production. As EV batteries reach end-of-life (starting in the late 2020s), battery recycling will create significant secondary supply of lithium, cobalt, and nickel. E-waste contains higher concentrations of gold per tonne than the richest gold mines. Urban mining of existing infrastructure (copper wiring, steel structures, aluminum products) represents a massive above-ground resource. However, growing total demand means recycling supplements rather than replaces primary mining for most metals. The companies building recycling infrastructure today are positioning for a future where circular supply becomes an increasingly important part of the commodity ecosystem.