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Post by
Goodtoreadthis1 on Apr 15, 2024 1:08pm
AI to drive cu demand higher
Copper, one of the best electrical-conducting metals, is already used worldwide in motors, batteries and wiring, and nicknamed "Dr. Copper" because demand for it is widely seen as a barometer for global economic health.
Data centers to power AI servers will likely require an additional 1 million metric tons of copper by 2030, commodity trader Trafigura said this week. Further new demand is also expected to come from electric vehicles, which are built with four times more copper than vehicles with internal combustion engines.
"Copper's second secular bull market this century is taking hold," said Citi analyst Maximilian Layton, who expects demand to outstrip supply by 1 million metric tons during the next three years. "Explosive price upside is possible over the next two to three years."
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