Global Copper Shortage Could Last Until 2030

A global copper shortage is set to hit markets throughout 2023, a deficit that could persist until 2030. Copper, used in electrical equipment and industrial machinery, is facing supply chain disruptions from South America and high demand. Peru, which accounts for 10 percent of the global copper supply, has been rocked by political unrest since former President Pedro Castillo was ousted in December in an impeachment trial. Chile, the world’s largest copper producer, and accounts for 27 percent of the global supply recorded a year-on-year decline of 7% in November.