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Glencore overnight echoed predictions that the copper market is facing an imminent supply shortage.

“There’s a huge deficit coming in copper, and as much as people write about it, the price is not yet reflecting it,” its chief executive Mr Nagle said.

Mr Nagle added that Glencore will wait to lift its copper production until the world is “screaming” for it, according to comments reported by Bloomberg. “We want to see that deficit,” Mr Nagle said.

Glencore could lift its annual copper output by more than 60 per cent from current levels of 1 million tonnes by expanding its current assets, Mr Nagle said.