🚨 COPPER ISN’T EXPENSIVE | IT’S STRUCTURALLY MISPRICED

Let me say this plainly.

People keep asking if copper is “too high.”
That question assumes supply can respond.

It can’t.

If copper ever trades at its true clearing price,
this won’t feel like a smart trade it will feel obvious in hindsight.

Here’s what actually matters:

A structural copper deficit is expected to start around 2027
and last deep into 2050.

There are almost no Tier-1 mines coming.
Permitting and building takes 17–20 years.
Even a discovery today won’t help until the 2040s.

Meanwhile, ore grades are falling. We dig more, get less.

Demand isn’t slowing — it’s changing:

This isn’t just EVs.

AI data centers are creating a power-density shock:

massive electricity demand liquid cooling grid upgrades

All of it is copper-heavy.

Data center capacity is projected to 10× by 2040.
Old grids can’t handle that.

Add the energy transition:

EVs use ~3× more copper than gas cars.
Solar and wind absorb huge amounts of metal.

We’re rebuilding the global energy system
without the copper supply to support it.

When the squeeze shows up in the late 2020s,
copper won’t trade like an industrial input anymore.

It becomes strategic.

Companies won’t negotiate price they’ll secure supply.

Copper today doesn’t look exciting.
That’s usually how structural repricings begin.