Copper Prices Soar Amid Global Supply Shortage

The copper price reached an all-time high of $14,694 per tonne on September 8, 2026, surpassing the previous record of $14,527.50 set in January.

This surge comes despite Chile's second-quarter output being its weakest in at least 19 years and a subsequent 2.6% annual decline forecast by the country's producers.

Morgan Stanley has revised its projections, expecting global copper mine production to remain broadly flat or edge lower, marking the first annual decline since 2017.

The reason for the supply shortfall is not just demand but also the lead time from discovery to production on a large copper project, which can take over a decade and requires significant funding.