A looming global copper shortage threatens the green transition, AI expansion, and military modernization. Bloomberg NEF warns of a massive long-term deficit beginning in 2028, with supply projected to fall 8% short of demand by 2035 and 44% by 2050. Teck CEO Jonathan Price predicts a 30% supply gap by 2035.
Miners struggle to ramp up production due to long lead times—up to 15 years for new mines—and declining ore quality at existing sites. Institutional investors favor mergers over risky greenfield projects. Political instability in resource-rich nations like the Democratic Republic of Congo further deters investment.
Copper prices hit a record $14,875 per tonne on the London Metal Exchange, driven by surging demand and supply disruptions including the Strait of Hormuz crisis and potential U.S. tariffs.
Source: Financial Times Companies · Summarized by HeadlinesBriefing