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Copper Prices Drop 2.68% on BloombergNEF Warning of 44% Supply Gap by 2050

1 reports1 sources10/23/2026 updated

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Copper prices fell 2.68% on October 22, touching a five-week low after BloombergNEF's annual transition metals outlook warned of a supply gap emerging in 2028 and widening to 2 million tonnes by 2050, roughly 44% of demand. Traders weighed near-term supply abundance against the long-term deficit, with LME inventories rising and AI-related tech stock sell-offs also influencing price movement.

Written with AI from the reporting · updated 10/23/2026

Latest developmentOct 23, 22:17
Copper Drops 2.68% Despite BloombergNEF Warning of 44% Supply Deficit by 2050
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  1. 1Unclassified fact stationOct 22, 00:00recorded Oct 23, 23:05single source

    Copper price fell 2.68% after BloombergNEF warned of 44% sup

    Read original source ↗ BeInCryptoReplay this moment in the explorer
    Evidence & revisions · 1 source records
    Subject：
    copper market
    Action：
    price decline
    Object：
    copper futures and physical market
    Occurred (fact side)：
    Oct 22, 00:00
    BeInCrypto ↗Report pageOriginal / first version
    Published (valid side)：
    Oct 23, 22:17
    First seen (known side)：
    Oct 23, 23:05
    Fact stationSingle source · one-sided claim

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Oct 23
  1. BeInCryptoRelated fact: single source
    Copper Drops 2.68% Despite BloombergNEF Warning of 44% Supply Deficit by 2050

    Report first recorded Oct 23, 23:05

    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.

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