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IEA warns global primary copper supply could run 25% short by 2035 despite record prices

AI Market Summary
IEA warns global primary refined copper supply could run ~25% short by 2035 under current policy settings, despite record prices, due to an insufficient project pipeline and falling ore grades (down ~40% since 1991) that raise capex and complexity. The report reinforces copper's strategic role in electrification and data-centre buildouts, tightening medium-term supply expectations and increasing sensitivity to mining and permitting developments.
Impact level
● High
Affected assets
NCCO724COPPER2USD/USDT+0.79%
AI Insight · NCCO724COPPER2USD/USDTAI Insight
▲ Bullish
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Global refined copper supply could face a 25% structural deficit by 2035 under current policy settings, the International Energy Agency said in a report. The shortfall is tied to delays in developing new mining projects. The IEA also cited a 40% decline in average global copper ore grades since 1991, which has increased extraction costs and project complexity.
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