Copper Supply Crunch: Hormuz Blockade Plus Mine Cutbacks Seen Creating Over 400,000-Ton Deficit in 2026

The Strait of Hormuz blockade is stranding 40,000 tonnes of copper cathode per month; combined with Grasberg's 35% output cut, global copper supply could fall short by more than 400,000 tonnes in 2026, with prices potentially breaking above $15,000 per tonne.