Copper's surge toward $14,000 per ton is exposing a dual problem: a short-term supply chain disruption and a longer-term shortage that the industry is struggling to solve.
The metal has rallied on tightening supply, tariff-related distortions and optimism that electrification and artificial intelligence will create a lasting demand boom.
But the International Energy Agency's (IEA) latest outlook suggests the near-term picture has deteriorated faster than expected.
Such concerns are visible from prices; while the metal has done well, miners have barely moved.
Sprott Copper Miners ETF (NASDAQ:COPP) is up just 1.89% year-to-date.
