Copper demand to double by 2040 amid supply shortages and rising electrification needs

Dan Dreyfus of Borneite Capital highlights a looming copper shortage driven by surging demand from electrification, EVs, and data centers, requiring 700 million tons over 18 years—equal to all copper mined in 10,000 years. Supply is constrained by limited new mines and long development times, pushing prices higher, with copper futures recently hitting record highs. Strategic concerns include US reliance on imports amid geopolitical risks, prompting tariffs and domestic production boosts. Dreyfus also views copper as a hedge against currency debasement amid rising US debt. While the long-term outlook is bullish, investors should be cautious of market cycles and potential supply changes.