Where are we going to get the needed copper?

Copper has hit new highs as investors focus on rising demand from the tech sector, yet a fundamental supply problem remains. Not enough new fields are being discovered and developed to meet demand. 

There is talk about commodity cycles, yet understanding long-term demand requires looking at how supply is created. Mining is expensive. It requires capital investment, but that only happens after a discovery, and discoveries have different ore qualities. If prices are low for an extended time, then there is no development, which creates a shortage. The shortage then raises prices, which, if sustained, creates the incentive to develop new mines. This is the basis for a commodity cycle.