Glencore chief executive, Gary Nagle, has warned supply will struggle to meet demand for copper, with a deficit as high as 50 million tonnes between 2022-2030. Supply currently stands at approximately 25 million tonnes a year.
“There’s a huge deficit coming in copper, and as much as people write about it, the price is not yet reflecting it”Gary Nagle, Glencore Chief Executive Officer
The warning comes just as Anglo American has cut its copper production outlook from 840-930kt instead of 910-1,020kt due to lower grades.
The surge in demand will be driven by the green transition, China, deglobalization, and a deficit in production.
Read our analysis on how copper demand is set to electrify prices.