Global Copper Crisis Looms as Demand Soars

Global Copper Crisis: The Urgent Need for New Supplies

The world is facing an impending copper crisis, according to industry expert Robert Friedland. As global demand for copper accelerates, supply is projected to fall drastically short within the next two decades. Friedland highlights the challenge as a once-in-history scenario for the global economy, predicting that humanity will need to mine as much copper in the next 18 years as it has over the last 10,000 years combined.

Friedland’s forecasts have proven to be prescient, as the world confronts an economic and supply gap that threatens to destabilize industries crucial to economic growth and national security. Copper, a vital resource used in everything from electric grids to military hardware, has become indispensable to modern society. Despite recent price rallies, the copper industry faces an uphill battle to meet future demand.

Copper’s Role in the Global Economy

Copper’s significance in the modern economy extends far beyond its industrial uses. It is a core material for renewable energy technologies, electric vehicles, and the evolving electric grid infrastructure. With global energy transitions relying heavily on copper, the metal is increasingly seen as a critical component for economic development and national defense.

Copper’s rising price, currently trading at over $5 per pound (roughly $11,130 per tonne) as of October 2025, reflects this growing demand. It marks a significant increase of 55% over the last five years, yet Friedland argues that even these high prices are insufficient to stimulate the capital investment needed for new mines.

The Economic and Strategic Implications

Friedland’s warning is dire: to sustain a modest 3.5% annual GDP growth, the world will need to match the copper mined throughout history—roughly 700 million tonnes—by 2043. That amounts to an overwhelming challenge for the copper industry. With current production levels and the gap between supply and demand widening, industry players are under increasing pressure.

Moreover, the copper shortage is not just an economic issue; it also poses a significant national security threat. Friedland stresses copper’s strategic role in military applications, particularly in the production of artillery shells and military hardware. Without stable access to copper, nations face vulnerabilities in both defense and industrial capacities.

The Need for a Copper Mining Renaissance

As the global demand for copper rises, so too does the urgency for new mining projects. Friedland calls for a revival of the US copper mining sector, which has seen little development in recent decades. He praises recent US governmental efforts to focus on securing domestic copper supplies. According to Friedland, political and policy shifts in recent administrations have made securing raw materials a national priority.

However, even with increased government support, the copper industry faces a massive challenge in meeting future demand. Friedland has projected that copper prices will need to reach $15,000 per tonne to incentivize the necessary capital investment in new mines. As of now, the industry is struggling to justify such investments, with prices still too low to support new mine development.

SuperMetalPrice Commentary:

The looming copper crisis is one of the most critical challenges facing the global economy today. The increasing demand for copper, driven by the energy transition and technological advancements, underscores the urgent need for substantial investments in new mining projects. While prices continue to rise, the industry is not yet on a sustainable path to meeting future demand. This crisis will likely influence global trade flows and commodity pricing in the coming decades. Policymakers and industry leaders must take immediate action to secure stable copper supplies to avoid a catastrophic shortage that could stifle global economic growth and technological progress.