Copper Deficit Headlines Keep Coming. The Supply Side Looks Tighter Every Month.

Another Reuters copper article caught my attention today. The International Copper Study Group now expects slower production growth to push the copper market into deficit in 2026 after mine disruptions in places like Indonesia, Chile and Congo. Reuters said the group expects a refined copper deficit of around 150k tonnes. What stands out is how often the same problems keep showing up: ㅤ• declining mine output growth ㅤ• lower ore grades ㅤ• permitting delays ㅤ• concentrate shortages ㅤ• aging mines getting more expensive to maintain Meanwhile demand keeps stacking: ㅤ• AI data centers ㅤ• grid upgrades ㅤ• EVs ㅤ• cooling infrastructure ㅤ• defense systems Feels like the market spent years assuming copper supply would always show up eventually. Now even large producers are spending hundreds of millions extending old mines because replacing supply is harder than expected. That is partly why I keep digging through smaller copper exploration names lately. One I have been following: CSE: NRED OTCQB: NREDF NovaRed is still speculative and early-stage, but Wilmac in BC is large: ㅤ• around 16k hectares ㅤ• roughly 160 sq km ㅤ• around 30k football fields Project also sits near Copper Mountain in the Quesnel belt. Recent North Lamont work showed: ㅤ• 43 soil samples ㅤ• highs up to 379 ppm copper ㅤ• western cluster averaging around 209 ppm copper Company also has the MetalCore AI exploration angle and recently filed non-provisional US patent application No. 19/680,101 tied to exploration workflows. Still no resource and still high-risk obviously. But the broader copper setup feels very different now compared with a few years ago. Reuters, ICSG and multiple banks keep talking about deficits while governments simultaneously push AI infrastructure, electrification and critical minerals policy. Supply growth looks slow exactly when demand growth keeps expanding. NFA