Morgan Stanley researchA week after this was published and the US is working on a spending bill that will supercharge the demand suggested in this report.
https://www.orocoresourcecorp.com/_resources/blog/20210325-blog.pdf
...but mine investment is needed: Near term, we see sufficient mine supply to meet this demand growth, with output forecast to expand 1.6Mt to 2023 as new projects enter production. However, the more buoyant demand environment will provide a stronger floor for prices, and beyond 2023 fresh mine supply is needed, with a forecast 6.5Mt supply gap to be filled by 2030. At 50% above our forecast incentive price $2.82/lb (real 2020$), we expect today's high price to trigger the investment that will fill that gap – but given long lead times for development and more buoyant demand growth rates, there is growing risk of a fresh shortfall in supply emerging mid-decade. We lift our copper price forecast throughout 2021-30; for full details see metal&ROCK: The Price Deck 2Q21.