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Copper and nickel prices could double by 2035 on supply gaps
Coface projects supply deficits averaging about 10% of demand for copper, nickel and aluminum by 2035, with U.S. tariffs adding pressure on metals trade as new supply struggles to keep up.
Copper and nickel prices could double over the next decade as industrial metals demand rises faster than miners can add new capacity, according to a report by global financial services firm Coface, cited by Mining.com.
Coface expects copper, nickel and aluminum to face supply deficits averaging around 10% of demand by 2035, based on analysis of production, consumption and price data from sources including the London Metal Exchange, U.S. Geological Survey, World Bank and IEA.
The report also points to policy shifts affecting the metals market, saying U.S. tariffs are part of a broader change in how metals are traded as governments restrict metals commerce.
Coface argues the resulting imbalance could support a prolonged bull market for industrial metals, driven by demand from clean energy technologies, data centers, electric vehicles, battery storage and grid expansion, while supply remains constrained.
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