A copper shortage is coming next:
The world economy is projected to face a copper deficit of 10 million tonnes by 2040, equivalent to ~33% of current global demand.
This comes as global copper demand is estimated to surge to 42 million tonnes by 2040, from 28 million tonnes in 2025.
Asia alone is expected to reflect 60% of total demand growth over this time, driven by EV adoption and grid upgrades.
At the same time, AI data center copper demand is set to surge 127% to 2.5 million tonnes by 2040.
Meanwhile, supply is expected to peak at ~34 million tonnes in 2030 before declining to ~32 million tonnes by 2040.
Copper is the next global strategic commodity.