Copper Market Shortage Inevitable? Jefferies: Major Miners Cut Output 3.9% in Q2, Global Deficit Could Reach 440,000 Tons by 2026

On Monday, LME spot premiums hit their highest level since 2021. A Jefferies report showed that major miners, covering 55% of global supply, saw copper production fall 3.9% year-on-year in Q2, with operational disruptions and declining grades weighing on output. The bank sees supply risks clearly tilted to the downside, forecasting a global copper deficit of 442,000 tons in 2026 that will continue to widen, maintaining a medium-term bullish stance.