Global copper demand is expected to surge by 50% by 2040, rising from about 28 million metric tons in 2025 to 42 million metric tons. This forecast, outlined by S&P Global in January 2026, warns of a potential shortfall of up to 10 million metric tons by 2040 if significant new mining and processing investments are not made. The global copper market, valued at $124.1 billion in 2026, is projected to reach approximately $184.6 billion by 2030, with a compound annual growth rate of roughly 10.4%.
The supply side presents a critical challenge, as S&P Global anticipates that primary mined copper supply will peak around 2030 and subsequently decline. The report highlights that the average mine takes about 17 years to move from discovery to production, emphasizing the urgency of current exploration efforts. Recycling is expected to meet only a quarter to a third of demand by 2040, underscoring the need for new deposits to be found and developed.
Demand for copper is being driven by multiple sectors. Data centers could account for up to 14% of total U.S. electricity demand by 2030, up from about 5% today. Electric vehicles require nearly three times as much copper as conventional cars, while traditional uses such as construction, machinery, and power generation continue to grow at about 2% annually. The near-term outlook is more balanced, with the International Copper Study Group forecasting a refined copper surplus of 96,000 metric tons for 2026 and 377,000 metric tons for 2027.
Yukon Metals Corp. reported promising results from its first drill program at the Viper Porphyry Prospect in Yukon. The company confirmed a new porphyry-style hydrothermal system with copper, gold, and molybdenum mineralization. Highlights include copper values increasing with depth, locally elevated mineralization, and a prospective corridor extending beyond current drilling. The company believes the drilling tested the upper levels or margins of the system and plans to vector toward its potentially higher-grade core.