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The mining giant Glencore has warned that a huge deficit in copper is coming soon, as global demand for the metal continues to outstrip supply.
In a new report, Glencore predicts that the copper market will swing into a deficit of around 1.4 million tonnes by the end of 2020, as demand continues to grow while production fails to keep pace.
This is a significant change from Glencore’s previous forecast, which predicted a small surplus of around 200,000 tonnes.
The sharp increase in demand for copper has been driven by China, where the government’s stimulus measures have boosted construction activity. This has led to a surge in demand for copper, which is used extensively in construction and manufacturing.
At the same time, production of copper has been hit by a number of factors, including bad weather, power shortages and strikes. This has led to a tight supply situation, with stocks of the metal at their lowest levels in a decade.
The combination of strong demand and tight supply is likely to lead to higher copper prices in the months ahead. Glencore’s report comes just a day after the price of copper hit a new two-year high on the London Metal Exchange.
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Construction, Infrastructure and Mining
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