Copper Drops 2.68% Despite BloombergNEF Warning of 44% Supply Deficit by 2050

Copper fell 2.68% on October 22, breaking an April support trendline. BloombergNEF's annual Transition Metals Outlook, published on October 20, warned of a copper supply deficit starting in 2028 and reaching 20 million tonnes by 2050, which is about 44% of demand, while also rating the 2026 copper market in surplus. Demand is projected to climb 61% to nearly 46 million tonnes annually, with electrified transport accounting for 11.4 million tonnes alone. Closing the gap requires $332 billion in new mines, each taking about 17 years to produce. The price drop was also influenced by rising London Metal Exchange (LME) copper stocks and a tech-stock selloff over AI doubts, according to Alastair Munro, senior metals strategist at broker Marex.