Lighthouse Canton says global power demand jumps 40% by 2035, driving multi-year copper squeeze
XLB•Silver deficits expected to persist
Silver deficits are projected to persist through 2030, with a 2026 shortfall forecast at 46.3 million ounces, reflecting byproduct supply constraints.
Copper demand seen outpacing mine supply
Copper demand is projected at 42.7 million tonnes by 2035 versus 28.2 million tonnes in 2025, driven by EVs, grids and data centers.
Mine supply is forecast to peak around 33 million tonnes in 2030, covering about 70% of 2035 demand, with deficit risk seen rising.
Power demand forecast points to a multi-year materials squeeze
Lighthouse Canton flagged an “Age of Electricity” demand surge, with global power use projected to rise 40% to 39,500 TWh by 2035.
Grid infrastructure was identified as the key bottleneck, lifting multi-year demand prospects for copper, aluminum and silver tied to transmission buildout.
