Copper Supply Shortage Predicted by IEA; UBS Forecasts Price Surge by 2027
The International Energy Agency warns of a potential 30% copper supply shortfall by 2035, exacerbated by China's dominance in mineral refining. UBS forecasts copper prices to reach $15,000 per ton by March 2027 and has increased its 2026 supply deficit estimate to 520,000 tons. Companies like Axo Copper, with its La Huerta project in Mexico, and Mogotes Metals, exploring in Argentina and Chile, are highlighted as key players.
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The International Energy Agency projects a copper supply gap of around 30% by 2035, influenced by China's control over mineral refining. The global capacity outside China can only meet half the demand for battery metals.
UBS anticipates copper prices will rise to $15,000 per ton by March 2027 and has raised its 2026 supply deficit forecast to 520,000 tons. Axo Copper's La Huerta project in Mexico shows promising drill results, while Mogotes Metals is developing projects in Argentina and Chile, particularly the Filo Sur project.
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