Copper Prices Firm as AI Data Center Demand Outweighs Macro Doubts

Structural Deficit

Major mining houses have warned that the 2026 deficit could exceed 500,000 tons. With lead times for new mines measuring in decades, the only short-term fix is price-induced demand destruction which has yet to materialize in the tech sector.

Strategic Stockpiling

Reports of strategic stockpiling by European governments concerned about US trade tariffs have added a new layer of demand. This front-loading of imports is tightening the Atlantic market.