Grupo México Forecasts Global Copper Deficit in 2026, Driven by Decarbonization and Tech Demand

Published: Jul 24, 2026 21:40

Grupo México expects the global copper market to remain in a slight deficit in 2026, supported by a resilient US economy and accelerating demand across decarbonization technologies, artificial intelligence, and electric vehicles. Speaking during an analyst call on Wednesday, Leonardo Contreras, head of the company's mining unit, emphasized that current supply and demand dynamics lean toward a tight global market. The constructive market outlook follows the conglomerate's quarterly financial results released on Tuesday, which revealed a 79% jump in net profit fueled by higher benchmark copper prices.

Rapid expansion in energy transition initiatives, EV production, and power-intensive AI data center infrastructure continues to absorb refined copper supply at a robust pace. Simultaneously, steady industrial activity in the United States provides a solid macro floor for physical consumption. Given the extended lead times and operational hurdles involved in bringing new mine capacity online, fundamental demand growth is set to outpace mine supply additions heading into 2026.

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