Introduces S&P study showing copper demand will jump 50% to 42 million metric tons by 2040 due to data centers, homes, businesses, military systems, with limited supply.
Kelly
Daniel Yergin
Short-term copper factors include mine disruptions, tariff impacts, and Fed uncertainty. Long-term, prices reflect world needing 50% more copper due to electrification.
Daniel Yergin
Data centers used 4% of US electricity last year, estimated to reach 14% by 2030, all requiring copper.
Questions whether copper upside can continue given cyclical nature of commodities and potential supply increases.
Kelly
Daniel Yergin
Copper demand has traditional GDP-sensitive component plus new drivers. Takes average 17 years to bring new copper mine online.
Asks about broader metals rally including platinum, palladium, silver, gold where copper has underperformed.
Kelly
Daniel Yergin
All metals driven by GDP and expenditures. Copper demand now includes traditional economic demand, energy transition, AI, defense, and potentially humanoid robots.