Supply Side

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Copper deficit is expected to widen in the upcoming years.

Morgan Stanley has researched that copper is expected for its biggest deficit in 2026 and set to widen even further.

JP Morgan has also forecasted copper prices to increase due to growing demand and supply shortages.

Demand will far outpace supply

S&P Global has forecasted demand is on track to exceed supply by a huge margin.

Copper ore grades are diminishing

Global copper ore grades have fallen roughly 40-50% since 1990s, meaning miners have to dig up significantly more rock just to produce the same amount of refined copper.

Demand Side

The main demand drivers for copper stems from AI &