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Marcus Webb

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Commodities
commodities
long-term
9/10

Copper Is the New Oil — And the Supply Math Doesn't Work

February 1, 2026980 reads15 comments

Electrification, AI data centers, and EV adoption all need copper. Global mine supply is declining. The supply-demand gap by 2028 could be the largest in history. This is a structural story, not a trade.

Quick Take

Copper demand is being driven by three mega-trends simultaneously while supply faces a decade of underinvestment. The structural deficit ahead makes copper miners among the most compelling risk/reward setups available.

#copper
#commodities
#electrification
#mining
#supply-deficit

Investment Angles

$FCX
long
8/10
long-term

Largest publicly traded copper producer

$COPX
long
8/10
long-term

Copper miners ETF for broad exposure

This content represents the published opinion of Marcus Webb and is provided for informational and educational purposes only. It is not a recommendation to buy, sell, or hold any security.

Discussion(15)

You
AR
Alex Rivera4h ago

Really well-argued thesis. The supply/demand data alone makes this compelling. I've been building a position in NEM for similar reasons.

JH
Jessica Huang2h ago

What's the biggest risk to this thesis? Seems like a sudden dollar strengthening or a deflationary shock could unwind the trade quickly.

MT
Michael Torres45m ago

I'd add that the geopolitical angle is underappreciated. Central bank gold buying isn't just about returns — it's about de-dollarization. That's a structural, not cyclical, shift.

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