Article

J.P. Morgan has raised its long-term copper price forecast to $12,000 per tonne, or $5.50 per lb., citing structural supply deficits and increased capital costs. The global copper market deficit is projected to reach 2 million tonnes by 2030 and potentially 8 million tonnes by 2035.

Argentina is identified as a crucial source of supply growth, with key projects from companies like McEwen Mining and Glencore. Global copper consumption is expected to grow by 3% annually, supported by electrification and renewable energy. Supply disruptions have already shifted the market from surplus to deficit, intensifying competition for capital investment in new copper supply.