Copper prices are actually down quite a bit right now, but that may be due to previous hoarding in China coupled with economic slowdown and/or disruptions in their metals markets(see https://www.bloomberg.com/news/articles/2022-09-18/tycoon-ru...).

There are quite a lot of analysts claiming we will be short on copper once the green revolution gets under way(remember, you're talking billions of new EVs, generators, increases in electrical distribution, etc). Think about it this way: all the energy currently delivered by fossil fuels(more or less, due to some efficiency gains) will need to be delivered by the electrical network. We're also busy giving improved living standards to the half of the earth that still lives in less-than-modern conditions. We're going to need to use more aluminum(4th most common element in the crust?) or we're going to run out of copper.

If copper price is down, that means we have too much copper, not too little.

reading the post is essential. here is the bit adressing this:

> that may be due to previous hoarding in China coupled with economic slowdown and/or disruptions in their metals markets

If you look at the copper futures chart the current price is below a few peaks but it is still quite high, historically speaking. That is in the face of a real estate crash in China and impending global economic slowdown(a significant portion of which is due to energy malinvestment).

On a related note, the majority of new home construction does not use copper these days(both for cost reasons and performance reasons).