Why Did Copper Fall After a 44% Shortage Warning?

Copper dropped 2.68% on October 22, falling through an April support line that had survived five previous tests. The move came two days after BloombergNEF’s October 20 Transition Metals Outlook projected a 20 million tonne copper shortfall by 2050—roughly 44% of demand—beginning as early as 2028, even as the same outlook showed a 2026 surplus. London Metal Exchange copper stocks climbed to 272,950 tonnes, the most since July 24, with most new metal going to US warehouses as Comex moved to a discount against the LME and lost a tariff-driven premium. A technology-stock selloff over AI doubts added pressure, pushing LME copper to a five-week low.