Copper Prices Soar as Demand Surpasses Supply

Copper has become one of the hottest commodities on the market due to its essential role in modern industry. The London Metal Exchange price for copper reached $6.28 per pound on July 21, 2026, as tight supply conditions kept prices near record territory.

BHP expects global copper demand to rise by about 70% to over 55 million U.S. tons a year by 2050, driven primarily by the increasing use of electric vehicles and renewable energy systems. The International Energy Agency (IEA) projects a 25% supply gap in 2035 based on the current project pipeline.

Building new copper mines is a long-term process that takes about 17 years from discovery to production, with only 5% of discovered deposits found in the last decade. Average copper ore grades have fallen 40% since 1991, making it more challenging and expensive to extract the metal.