Daechang is showing strength. It appears that the news of increasing copper demand as the electric vehicle market grows is influencing the stock price.
As of 2:35 PM on the 4th, Daechang is trading at 1,525 KRW, up 4.96% from the previous day.
According to the Korea Mineral Information Service (KOMIS) on the 1st, the May copper futures price traded on the London Metal Exchange (LME) on the 30th of last month recorded $9,038.5 per ton. Copper prices have been on the rise since the beginning of this year. Copper is considered an essential material for electric vehicles due to its high usage. According to the Copper Development Association (CDA) in the United States, the amount of copper used per conventional internal combustion engine vehicle ranges from 8.16 to 22.22 kg, whereas electric vehicles use 83 kg, which is about 4 to 10 times more. In the case of electric buses, it reaches 369.22 kg.
Daechang produces and supplies Tough Pitch Copper (TPC) material products used in electric vehicle connectors and charging station parts, aligning with the expansion of the electric vehicle market, which is expected to replace conventional internal combustion engine vehicles. After pilot production and supply in 2021, the marketability of these products was recognized, and full-scale sales have been underway since the first half of last year. According to the business report, Daechang is striving to secure future demand volumes related to electric vehicles based on price competitiveness through its excellent supply system.
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