RE:Election VolatilityImmediate-term: regardless of who wins if the election result is disputed (losing side demands re-count etc.) and/or there is unrest (mass protests, riots, violence, etc.) there could be broad panic and volatility/sell-off across markets then a bounce after sh*t settles down.
Longer-term: I think you're absolutely right, there's a structural deficit that will require the supply side to acquire & develop new projects to meet rising demand. Rising inflation, weakening USD, massive infra stimulus and metals stockpiling in China, stimulus elsewhere, and the shift to EVs, are all likely to contribute to an increasing copper price.
Both candidates want to do a big infra stimulus bill which would be a plus for industrial metals. For Biden in particular its a key part of his platform, and specifically he's very big on building rail (very copper intensive) and supporting renewable energy/EVs.
A Biden administration is likely also to be tougher on permitting and enviro regs of mining projects in the US, which may sway possible project acquirers to look for projects outside the US in mining friendly jurisdictions.