Copper Prices Soar Amid Fears of 2040 Shortage

Copper prices have reached record highs, with futures on the COMEX exchange hitting $6.87 per pound and the London Metal Exchange recording a price of $14,800 per metric ton.

These increases are largely driven by forecasts that global copper demand could reach 42 million tons per year by 2040, according to the International Energy Agency. A Bernstein Private Wealth Management report estimates a potential shortage of up to 12 million tons.

Oroco Resource Corp CEO Charlie Kraier points out that declining copper grades in ore and reduced capital expenditures in the industry are contributing factors to supply chain issues.