India faces a significant structural deficit in refined copper supply, requiring an addition of approximately 500,000 tonnes of capacity every five years to meet rising domestic demand, according to the International Copper Association India (ICA India).
Mayur Karmarkar, managing director of ICA India, stated that copper consumption is expected to track the country's broader economic expansion, with the association forecasting demand growth of at least 9% for the 2026 financial year.
The projection underscores the intensifying pressure on industrial metals markets as India navigates complex energy supply dynamics.
The nation, the world's third-largest carbon dioxide emitter, has seen increased coal consumption due to energy supply disruptions linked to regional conflicts and a nationwide heatwave.
These factors have intensified demand for fuel and, by extension, the infrastructure and materials required to support energy generation and distribution.
This demand outlook adds to the narrative of tightening supply in key industrial commodities.