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Copper Supply Deficit Set to Widen as Demand Surges

By Markets Desk · 2026-09-19 · 1 min read
A pile of rough, reddish-brown metal ingots
Illustration: Tradingbird

Robert Friedland warns that global copper extraction cannot match the pace of rising industrial and technological demand within the next two decades.

Robert Friedland, co-chairperson of Ivanhoe Mines, stated that global copper supply is failing to meet rising consumption. He noted that maintaining 3% global GDP growth requires extracting the same amount of copper in 18 years as was mined over the previous 10,000 years. Friedland described this target as unachievable with current technologies.

Demand is increasing due to the expansion of data centers, electric vehicles, and reindustrialization efforts. Prices are rising due to trade conflicts and resource nationalism. Additional US tariffs on refined copper are expected to further pressure the market.

AI and Infrastructure Drive Consumption

Friedland highlighted that artificial intelligence technologies consume significant electrical energy. These systems are copper-intensive. The industry cannot locate and extract the required metal using yesterday’s technology. Global warming and elevated diesel prices complicate responsible extraction.

The closure of the Strait of Hormuz has affected production costs. This event drove up the price of sulfuric acid. Approximately 25% of global copper recovery relies on this chemical for leaching.

Geopolitical Risks Impact Supply Chains

Friedland addressed the complex global contest for critical minerals. He emphasized the role of these resources in national security. The industry faces difficulty in delivering new supply to the market. Trade conflicts and resource nationalism are key drivers of price increases.

Solving the deficit requires a technological revolution. Friedland stated that innovation is possible but will be closely contested. Acquiring new technological expertise is essential for the industry. The process will be extremely difficult.

Market Outlook Remains Tight

The market faces structural constraints in the near term. Supply growth is lagging behind consumption trends. Analysts from GN auto markets/commodities: copper supply note the tightening balance. Prices are likely to remain volatile. Investors should monitor geopolitical developments closely.

Based on reporting by IndexBox, compiled by the Tradingbird desk.

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