Fundamental, Research

Copper: Bullish Outlook Improves as Supply Tightens

Matthew Miller, CFA, VP of Equity Research
07 March 2024


The demand for copper worldwide is strong and expected to increase further in the coming decade, mainly due to the growing use of electric vehicles and renewable energy sources. However, geopolitical risks and operational issues have led to a significant reduction in the estimated supply growth. As a result, the supply-demand balance is now expected to be a small deficit in 2024, compared to the previous estimates of a large surplus. To meet the global decarbonization goals, new sources of supply are required, but higher copper prices are necessary to incentivize this. Companies such as FM, FCX, SCCO, and TECK are well-positioned to benefit from their strong leverage to copper.

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