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Copper Prices Firm as Hyperscale Data Center Projects Drain Global Stocks

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Published: February 15, 2026

Supply Side Friction

Operational hurdles in Peru and declining ore grades in Chile continue to restrict mine output. This lack of supply response is creating a permanent scarcity premium, decoupling copper from broader industrial softness.

Strategic Stockpiling

Evidence of strategic stockpiling by major tech firms is further tightening physical availability, particularly for high-grade cathode required for modern electrification projects.