Bernstein: Recovered old copper scrap could offset half of 2026 demand growth, putting near-term pressure on copper prices
High copper prices are encouraging the recovery of old copper scrap. Bernstein estimates that this source of supply could increase by about 500 thousand tonnes in 2026, equivalent to the output of several new mining projects. Combined with stockpiling driven by tariff concerns and inventory accumulation, this makes the bank more bearish on copper prices in the short term, although it retains its long-term bullish view.
Bernstein ·