BloombergNEF Says the Copper Deficit Starts in 2026, Not 2040. Teck Just Beat on Record Copper Sales

The market reads the deficit as a 2040 problem. BloombergNEF says it starts in 2026. Teck Resources beat Q2 2026 earnings on record copper sales. The deficit is now.

The market is reading the copper deficit as a 2040 problem. BloombergNEF says it starts in 2026. Teck Resources just beat Q2 2026 earnings on record copper sales. The market is pricing it now.

LME copper hit $13,240.98/tonne in January 2026. The April 2026 price of \~$4.50/lb (\~$9,900/t) is lower but still historically elevated. The behavior of copper stocks since January tells the story: majors are holding gains, juniors are volatile, and the underlying physical market is tightening.

Teck's beat is the canary. When a major diversified miner posts record copper sales and beats earnings, it means the demand is already here. This is not a 2040 story. It is a right now story.

NRED's behavior through this cycle has been instructive. The stock ran 2,030% from April 2025 to April 2026. It gave back some of that on the copper pullback from $13,241. But the EV is still $37M USD, which prices it as a post-geophysics anomaly rather than a drill-stage target.

If the deficit starts in 2026 and Teck's numbers confirm demand is accelerating, the read-through for juniors with 2027 drill programs is straightforward. The market may be catching up.

NFA. Manage risk.