The increasing demand for electric vehicles, artificial intelligence, and other green technologies is projected to drive a significant increase in copper consumption, according to a report by Swiss commodity trading company Trafigura. The report anticipates at least 10 million metric tons of additional copper demand by 2035, with a third of this demand attributed to the electric vehicle sector. The surge in data center construction and related AI development is also contributing to the heightened demand, potentially adding an additional million tonnes per annum by 2030. Copper futures have rallied close to a five-year high, and analysts predict that prices could continue to rise due to supply constraints and bullish market sentiment.
