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By Ric Spooner, chief market analyst, CMC Markets
With oil and iron ore under increasing pressure, BHP Billiton is turning to copper. Chief executive Andrew Mackenzie said yesterday that BHP expects copper demand to grow faster than iron ore demand as China makes the transition to greater reliance on domestic consumption. The transition will see China use a lot more electricity -- around a third of world copper production is used for electricity, mainly in wiring and transformers.