Jan. 9 at 11:39 AM
Seems copper is under pressure from both sides. Demand keeps growing, especially from EVs and AI data centers, which can use up to 4x more copper than older data centers. Even though China’s property market has slowed, it seems like this only delayed the problem rather than solved it.
While on the supply aspect , copper production looks fragile. Big mines like Grasberg, Kamoa-Kakula, and El Teniente have had major disruptions, showing how easily supply can be knocked offline. At the same time, fears of possible 2026/2027 US tariffs are pushing companies to stockpile copper in the US, which is tightening supply in other regions
Source:https://www.bloomberg.com/news/articles/2026-01-07/copper-price-record-how-supply-crunch-is-looming-just-as-ai-boom-hits
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