Grupo Mexico expects mild copper shortfall this year on strong US economy, AI
XLB•Copper outlook turns slightly short in 2026
MEXICO CITY, July 22 (Reuters) - Grupo Mexico expects a slight copper market deficit in 2026 due to a strong U.S. economy and demand from green energy and artificial intelligence applications, the head of its mining unit said on Wednesday.
"Based on current supply and demand dynamics, we think there will probably be a slight copper market deficit for 2026 on the back of a resilient U.S. economy and higher demand driven by decarbonisation technologies, artificial intelligence and electric vehicles," Leonardo Contreras told a call with analysts.
Profit gains were helped by higher copper prices
The outlook follows the conglomerate's Tuesday report of a 79% jump in second-quarter net profit, fueled by higher copper prices.
