Scotiabank: The global copper market is expected to face a shortage of 350,000 tons by 2027

Bart Melek, Global Head of Commodity Strategy at TD Securities, stated that investors are heavily betting on further rises in copper prices through options trading. Orest Wowkodaw, mining analyst at Scotiabank, currently predicts that by 2027 the global copper market will see a deficit of 350,000 tons. Just two months ago, he was expecting the market to be balanced. "This is indeed the 'perfect storm' for rising copper prices; despite elevated prices, the supply side still faces tremendous challenges," he commented at an event in Toronto on Tuesday. "I may have never seen a better global copper demand environment than today. This sets the stage for copper prices to go 'higher and last longer'."