FLAGSHIP REPORT
Transition Metals Outlook 2026
The Transition Metals Outlook (TMO) is BloombergNEF’s annual long-term outlook for metals essential to the energy transition. TMO 2026 projects long-term demand, supply capacity, availability and security, and near-term price trends for 10 metals and minerals: aluminum, cobalt, copper, graphite, lithium, manganese, nickel, platinum, palladium and steel.
Key takeaways
- Most metals will have enough supply capacity through 2050 – except copper
- $332 billion is needed to bridge the looming copper shortage
- Demand grows fastest for lithium and graphite, tripling and more than doubling respectively by 2050
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What’s driving metals in 2026
The acute capacity shortfalls forecast a few years ago have largely eased, except for copper. However, security of supply and short-term availability of some metals have been constrained. The next challenge for companies and governments is to diversify the supply of the 10 metals and minerals covered in this outlook.
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