Grupo México Sees Global Copper Deficit Looming in 2026

Grupo México, a leading mining conglomerate, forecasts a slight global copper deficit in 2026. According to the company's head of mining unit, Leonardo Contreras, this outlook is driven by accelerating demand for refined copper due to decarbonization technologies and electric vehicles.

The US economy remains resilient, providing a solid macro floor for physical consumption. Rapid expansion in energy transition initiatives continues to absorb refined copper supply at a robust pace.

Grupo México's quarterly financial results reveal a 79% jump in net profit fueled by higher benchmark copper prices. The company expects fundamental demand growth to outpace mine supply additions heading into 2026, given the extended lead times and operational hurdles involved in bringing new mine capacity online.