AI drives copper prices "skyrocketing" - High demand for data centers and supply shortages are the reasons
Copper is rapidly approaching $12,000 a ton, driven by expectations of increased demand from data centers supporting artificial intelligence. Another contributing factor is a shortage of supplies outside the United States.
Valued for its exceptional electrical conductivity, copper is essential for the power grids that power data centers, electric vehicles, and the infrastructure needed for the energy transition.
Metal prices have risen 35% since the start of this year and are on track for their biggest gains since 2009, driven by mining disruptions and stockpiles in the U.S. In recent days, the price topped $11,950 per ton.
"Investors who want to invest in various areas of artificial intelligence will also buy financial products related to data centers, and therefore also assets related to copper," the analysts explain.
A recent Reuters poll of expert forecasts shows that the copper market will record a deficit of 124,000 tons this year and 150,000 tons next year.
The surge in demand for the metal is being driven by billions of dollars invested globally to modernize and expand power grids. Data centers and clean energy demand large amounts of electricity. The energy transition, which includes renewable energy technologies such as wind and solar, is also expected to increase demand for copper.
Industry analysts predict that global demand for the metal this year will reach 27 million tons, an increase of 2.7% compared to 2024, while the needs of the main consumer of metals, China, are expected to grow by 3.7%. According to experts, the expansion of global demand outside China will be 3% next year.
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