Coface

Mainz – November 05, 2026 -- Prices for copper and nickel could nearly double by 2035 as demand from the energy transition, power grids and AI data centers outpaces supply, according to an analysis by credit insurer Coface. The study projects structural shortages across copper, nickel and aluminium.

Nickel faces a 6.5-million-tonne deficit by 2035

Nickel shows the widest projected gap. Battery production and electric mobility could push the market into a deficit of about 6.5 million tonnes by 2035, equal to roughly 35% of forecast demand.

Copper could post a supply deficit of 1.5 million to 6.5 million tonnes by 2035, depending on demand. In a high-demand scenario, the gap could reach up to 17% of global demand, Coface industry analyst Simon Lacoume said, adding that the rapid build-out of data centers adds pressure.

Mainz – October 29, 2026 -- Credit insurer Coface downgraded the country risk ratings of Saudi Arabia, the United Arab Emirates and Qatar, and expects the Middle East conflict alone to cut global growth by a combined 0.5 percentage points in 2026 and 2027. The rating changes, covering seven economies in total, come as escalating geopolitical tensions push up energy, commodity and financing costs.

Oil up more than 50%, gas prices nearly double

Renewed fighting between Iran and the United States and further escalation between Russia and Ukraine have strained global supply chains. Energy prices have climbed sharply despite a clear recovery in oil exports through the Strait of Hormuz and the rerouting of trade flows. Coface economist Markus Kuger said oil has risen by more than 50 percent, natural gas prices have almost doubled and industrial metals remain expensive.