Copper Prices Face Supply Squeeze as Demand Booms and New Mines Lag
• Growing demand for copper due to energy transition, while supply is constrained due to declining mining capex and ore grades • Copper price has held up well despite monetary tightening headwinds • Fed pivot and potential China stimulus could provide cyclical boost to copper • Ivanhoe chairman estimates copper may need to double to $15K/ton to incentivize new mines • COPX ETF provides exposure to largest copper miners and closely tracks copper price