BloombergNEF this week released a report stating that the global copper market will face a "large-scale, long-term shortage" starting in 2028, with the supply gap projected to reach 8% of demand by 2035 and further expand to 44% by 2050. The International Energy Agency had previously issued a similar warning. The report attributes the surging demand to the green energy transition, AI infrastructure expansion, and emerging market infrastructure development. However, it notes that long mine development cycles, declining ore grades, and insufficient investment are making it difficult for supply to keep pace. Copper prices on the London Metal Exchange hit a new historical high of $14,875 per metric ton last month, up 76% since the beginning of 2024, reflecting market expectations of tightening supply and demand. A copper shortage could drive long-term price increases, raise the cost of the energy transition, and constrain the development of related industries.