At InvestorAi, we closely monitor copper prices, as they can serve as early indicators of broader economic trends, often before these trends become apparent to other investors.
In April 2024, many analysts were anticipating a substantial increase in copper demand driven by the booming electric vehicle (EV), power infrastructure, AI, and automation sectors. Graeme Train, head of metals analysis at
Trafigura, projected that these sectors could contribute to an additional 10 million metric tons of copper consumption over the next decade. According to Train, the EV sector alone is expected to account for a third of this new demand, with the rest split between electricity generation, transmission, distribution, and industrial applications such as automation, manufacturing capital expenditures, and data center cooling systems.
Copper prices on the London Metal Exchange (LME) had surged to two-year highs near $10,000 p ...
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