Copper faces a structural deficit as demand rises and supply constraints tighten

The analysis argues that copper is headed for a long-term structural shortage driven by physical limits, geological constraints, and a lack of practical engineering substitutes. It points to fast-growing demand from EV motors, industrial automation, and AI data centers adopting liquid cooling, while mine grades decline and new projects take 10–15 years to reach production. It also says scrap recycling is nearing its economic ceiling and notes a monthly refined-copper deficit of -145,000 tons by early 2026. The piece frames the shift as a medium- to long-term reset of supply-demand fundamentals rather than a reaction to short-term events.