Copper Market Shifts from Deficit to Surplus

Copper prices have seen significant gains over the past few years due to increased demand. However, recent data suggests that this trend may be reversing.

A structural deficit in copper between 2018 and 2023 has given way to a structural surplus as of 2026.

This shift is largely due to declining global copper demand, which fell by approximately 100,000 tonnes compared to the first five months of 2025.

According to the latest numbers, total refined copper demand was 11.1 million tonnes in the first five months of 2026, while total supply, including both mine production and scrap, was 11.6 million tonnes.