Copper demand will outpace supply from 2026 due to global energy transition - report

- In its recent report, the Department of Industry, Science, Energy and Resources of the Government of Australia said that the global energy transition to low emissions technologies is expected to positively impact copper consumption in the coming years.

Importantly, according to the report, global copper consumption is expected to grow at an average annual rate of 2.7% in the coming years to reach over 30 million tonnes in 2028. Mined copper production growth is weighted to the first half of the outlook period driven by increases in production from Chile and Peru. However, growth in mined copper production is expected to slow towards the second half of the outlook period.

With significant copper demand growth expected over the outlook period, and with mined production growth likely to slow, it is projected that a market deficit will emerge.

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