Copper demand is accelerating far faster than supply as AI data centers, electrification, and defense spending surge.
Global demand could rise from 28M tons to 42M tons by 2040, creating a ~10M-ton structural deficit.
AI power infrastructure alone is a major driver, with data centers requiring 30–47 tons of copper per MW. EVs and rising military budgets add inelastic demand, while new mines take ~17 years to come online.
📉 Bottom line: inventories are thin, prices are spiking, and supply can’t respond in time.