We have reached peak copper supply.
– Copper production is projected to steadily decline
– Meanwhile, demand is surgingCopper prices must rise to incentivize new production.
The problem:
It takes ~18 years from exploration to first copper.
Copper deficits are structural. pic.twitter.com/qmQhfaVwmA
— Lukas Ekwueme (@ekwufinance) August 14, 2026
The copper market has CRACKED. Spot prices flared out into a MASSIVE backwardation of over $300 per tonne as stocks continue to be pulled off the LME. This is the largest spread since 2021, and we all remember what happened then… pic.twitter.com/b1x3vFjSLZ
— Robert Friedland (@robert_ivanhoe) August 14, 2026
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