The World’s Copper Supply Is Suddenly Looking Scarce
- Panama closure, Anglo American cuts have upended 2024 outlook
- Copper was expected to be in surplus in the coming years
The sudden removal of around 600,000 tons of expected copper supply would move the market from a large expected surplus into balance, or even a deficit, analysts say.
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A forecast surplus of copper going into 2024 has suddenly all but disappeared.
The next couple of years were supposed to be a time of plenty for copper, thanks to a series of big new projects starting up around the world. The expectation across most of the industry was for a comfortable surplus before the market tightens again later this decade, when surging demand for electric vehicles and renewable energy infrastructure collide with a lack of new mines.