Copper Gains on Reconstruction Hopes and AI Data Center Expansion

The Reconstruction Trade

President Trump's announcement that U.S. oil and infrastructure companies will invest billions in Venezuela has triggered a 'reconstruction trade.' Copper is seen as the primary beneficiary of any large-scale modernization of the South American power grid and petrochemical complexes.

Structural Deficit in 2026

Beyond the headlines, copper remains in a structural supply-demand deficit. Mine production in Chile and Indonesia continues to face hurdles, while the intensity of copper use in AI servers and green energy systems ensures that any price dips are quickly bought by industrial end-users.