The copper price is now officially the most undervalued metal on the market. How much do you have? Alternatively, as my friend recently asked me over drinks: “Why the heck are you stacking copper? Are you a gypsy or something?”
Yet, the data shows copper is about to be the biggest trade before 2030 due to computers and data centers.
Will the new
0.82%
be something like gold, silver, or copper? Will it not be related to AI? We’re going to see so many major events, like we’re already experiencing, until 2030 and beyond. Here’s what you need to know:
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Is The Copper Price Your Golden Ticket? AI, Data Centers, and Why Copper Is Growing
Copper briefly tagged the $5.97 level this week before slipping back into a choppy range near $5.83. Technical indicators show copper cooling off after an overbought run, but this is the calm before the storm.
As Chamath Palihapitiya from the All-In Podcast said recently, “the chart doesn’t matter.” What matters is the S&P Global study from January 2026, which states copper demand is projected to climb nearly 50% to 42 million metric tons by 2040 as AI and electrification accelerate.
Supply tops out at 34 million tons around 2030, then drops. The gap widens from there.
A copper shortage is coming next:
The world economy is projected to face a copper deficit of 10 million tonnes by 2040, equivalent to ~33% of current global demand.
This comes as global copper demand is estimated to surge to 42 million tonnes by 2040, from 28 million tonnes in… pic.twitter.com/2xL30GWlgt
— The Kobeissi Letter (@KobeissiLetter) January 26, 2026
Palihapitiya also reiterated this imbalance, pointing to hyperscalers quietly locking up long-term copper supply.
Amazon’s multi-year agreement with Rio Tinto for Arizona copper output is not about price hedging but physical access. When Big Tech starts contracting raw materials like utilities, you know the cycle has shifted.
“Copper demand from AI and electrification will overwhelm supply growth,” said Chamath Palihapitiya on the All-In Podcast.
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Is a Copper Short Squeeze Coming? The Copper Math No One Can Dodge
According to S&P Global and industry estimates:
- Global copper demand rises from ~28 Mt in 2025 to ~42 Mt by 2040.
- A projected deficit of ~10 Mt emerges by 2040, roughly one-third of current global demand.
- Asia accounts for ~60% of incremental demand growth.
AI data center copper usage is also expected to jumps from 127% to ~2.5 Mt by 2040.
There is no substitute waiting in the wings. Superconductors and carbon nanotubes remain lab-scale dreams, not industrial solutions.
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Near-term price action for the copper price reflects this tension. Support sits around $5.51, with intermediate consolidation near $5.72. A sustained hold above $5.97 opens upside toward $6.12 and $6.24.
Let’s close with this: in 2025, Bitcoin drifted lower while precious metals posted decisive gains. Watching copper today reminds me of Bitcoin in the early 2010s. Boring until it wasn’t. When the market finally treats copper as strategic infrastructure instead of a cyclical input, these prices will look quaint.
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Key Takeaways
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The copper price is now officially the most undervalued metal on the market. Data shows copper is about to be the biggest trade before 2030. -
AI data center copper usage is also expected to jumps from 127% to ~2.5 Mt by 2040..
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