Over the past year, copper has risen nearly 40% — despite a surplus on the market. Analysts cite different reasons: anticipation of new US tariffs, geopolitical uncertainty and strong demand from the tech sector.
But the honest answer is simpler: nobody knows exactly what comes next, with several factors currently shaping the market.
One of the key drivers is data center construction. Every data center requires enormous amounts of copper for cables, transformers, etc. AI infrastructure alone could consume around 700,000 tonnes of copper by 2030. Meanwhile, new mines take an average of 17 years to develop, raising questions about whether new supply can keep pace with demand.
All of this makes copper one of the defining materials of the next decade — alongside uranium and rare earth metals.
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