Copper Markets Tighten as AI Data Center Boom Drains Global Stockpiles

The Scarcity Premium

Analysts at Goldman Sachs suggest copper is entering a 'permanent scarcity' phase. With mine supply growth expected to remain flat through 2027, the gap between supply and the surging demand for electrification is widening, leading to a structural floor near $12,000/mt.

Strategic Stockpiling

Beijing has reportedly instructed state-owned enterprises to accelerate copper stockpiling ahead of the Lunar New Year. This front-loading of imports is further tightening physical availability in the Atlantic basin, supporting high LME premiums.