US EditionAI to Boost Copper Demand 50% by 2040, but More Mines Needed to Ensure Supply, S&P Says
S&P Global forecasts copper demand to reach 42 million tonnes by 2040, with a potential 10 million-ton shortfall due to supply constraints despite increased recycling.
- On Thursday, S&P Global warned global copper demand could rise 50% to 42 million metric tons by 2040, raising concerns about supply challenges.
- AI and defence spending are driving demand from AI, hyperscale data centres and global defence spending to roughly triple by 2040, adding 4 million tons, with humanoid robots possibly requiring about 1.6 million tons annually.
- Mine output is expected to peak at about 33 million tons in 2030, and even with recycled copper rising to 10 million tons, the study finds a 10-million-ton shortfall remains amid over 100 new data centre projects last year.
- Copper has surged above $13,000 a metric ton in London as mine outages and U.S. stockpiling ahead of possible Trump administration tariffs tighten supply, prompting some product redesigns.
- Backed by major miners and Google, Carlos Pascual noted that `Demand for copper really is inelastic in the defense sector`, highlighting sector resilience amid supply challenges.
18 Articles
18 Articles
The copper boom is just getting started
The NewsThe meteoric rise in the price of copper will likely continue thanks to a growing supply deficit that could reach 10 million metric tons — 25% of projected demand — by 2040, according to a new forecast from S&P Global.Copper is critical for everything from phones and refrigerators to EV batteries, AI data centers, and battlefield drones. Yet new mines are still incredibly slow and expensive to open, and existing ones are becoming more co…
The World’s Copper Squeeze Is Set to Intensify on AI and Defense Spending, S&P Says
The race for artificial intelligence and surging defense spending are set to intensify a projected shortage of copper as producers struggle to expand, according to a new study by S&P Global.
AI to boost copper demand 50% by 2040, but more mines needed to ensure supply, S&P says
Growth in the artificial intelligence and defense sectors will boost global copper demand 50% by 2040, but supplies are expected to fall short by more than 10 million metric tons annually without more recycling and mining, the consultancy S&P Global said on Thursday.
S&P Global estimates that global copper demand will increase by 50% from current levels, reaching 42 million metric tons by 2040.
AI to boost copper demand 50% by 2040 but, a quarter may go unmet: S&P Global
S&P Global anticipates that the copper demand to rise 50% by 2040. Artificial intelligence and defense sectors will drive this growth. Supplies may not meet demand. Global demand will reach 42 million metric tons annually. Nearly a quarter of this demand could go unmet. Copper is essential for electrification worldwide.
Coverage Details
Bias Distribution
- 40% of the sources are Center, 40% of the sources lean Right
Factuality
To view factuality data please Upgrade to Premium
