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⛏Copper becomes the next strategic raw material for the global economy
By 2040, the deficit could reach 10 million tons, which is about 33% of the current global demand.
🔼Demand for copper will grow from 28 million tons in 2025 to 42 million tons by 2040. The main growth will be driven by Asia, accounting for about 60% of the total increase, due to electric vehicles and grid modernization.
🤖An additional driver is AI and data centers. Their copper consumption will increase by 127% and reach 2.5 million tons.
At the same time, copper production is forecasted to peak around 2030 (34 million tons), and then begin to decline to 32 million tons by 2040.