According to @KobeissiLetter, Morgan Stanley projects the copper market will post its most severe deficit in 22 years in 2026 at negative 590,000 tons. Source: @KobeissiLetter citing Morgan Stanley. Global annual copper output is on track to contract for the first time since 2020, compounding tightness. Source: @KobeissiLetter. Major operational disruptions at several mines are worsening supply constraints. Source: @KobeissiLetter. Simultaneously, demand from AI data centers and electric vehicles is expected to outpace supply. Source: @KobeissiLetter. The post concludes that higher copper prices are here to stay, signaling a constructive bias for copper-linked assets and volatility in copper futures as deficits emerge. Source: @KobeissiLetter.