Mining for copper fell in the first half of the year relative to the same period in 2025, sparking fears over long-term supplies of the metal, which is key for the clean energy transition and building data centers.
Production disruptions and weak output in Chile, the world’s biggest producer, sent prices to record highs, with the US accumulating huge stockpiles and smelters in China forced to turn to scraps to meet that country’s industrial needs.
Global demand is expected to rise around 50% by 2050, though analysts predict producers will struggle to keep up, raising fears of a massive shortfall. A large deficit would pose a “systemic risk” for the global economy, S&P warned this year.
