Copper production is now slowing, as this mineral, albeit being in abundance globally, is becoming harder to unearth.
While in the next few years there may be some surplus of refined copper (155,000 tonnes in 2023, according to the International Copper Study Group
), this oversupply will be short-lived, only to be followed by an even tighter market towards the end of the decade as the energy transition accelerates, spurring demand. Over the next decade, 9.7 million tonnes of new copper supply will be required, with $23 billion in annual investment needed over 30 years to deliver new copper projects to reach zero-carbon targets, estimates by Wood Mackenzie suggest.
A tonne of copper now costs around $7,600 (see Fig. 3). The copper price, however, must rise to as much as $9,370 per tonne 
in order to meet growing demand and make marginal deposits viable to operate, thus providing enough supply to move ahead with decarbonization. And this rise doesn’t look outlandish, as potential supply hiccups could push up prices even further.