Copper prices are heading higher as the market braces for a sizable deficit in 2026. Analysts now expect global demand to outrun new supply by a wide margin, reversing the modest surpluses seen in recent years.
The main drivers are straightforward: the rollout of renewables, electric vehicles, and grid upgrades will require massive amounts of new copper, while general economic growth and infrastructure spending in both developed and emerging markets add further pressure. With mining output growing slowly and few large new projects coming online soon, the stage is set for tighter conditions and rising prices.
