How much does S&P Global expect AI and data centers to contribute to copper demand?

S&P Global estimates AI and data centers will drive about 10% of copper demand by 2040.

What does S&P project for the copper supply gap by 2040?

Even removing the entire data-center sector, S&P projects a significant 7.5 million-tonne copper supply gap by 2040.

How are Freeport-McMoRan and Southern Copper trading?

Freeport-McMoRan trades at USD 69.07, down 1.41%, and Southern Copper at USD 200.00, down 0.84%, as of Oct 17, 2026 on Pluang.

AI Stocks & MarketsTop Companies' AI MovesAI Business & IndustryTop Companies AI10m agoOct 18, 2026, 06:31 JST

Goldman ties copper prices to AI hopes; S&P sees 10% of demand by 2040

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3 Key Points

What happened
Goldman Sachs attributes current copper price movements largely to AI expectations, while S&P Global estimates AI and data centers will drive only about 10% of copper demand by 2040.
Why it matters
Even excluding the entire data-center sector, S&P projects a 7.5 million-tonne copper supply gap by 2040, so copper's critical role may rest on broader demand, not AI alone.

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Context & Analysis

The selloff that started in AI infrastructure stocks has now reached copper producers, with Freeport-McMoRan and Southern Copper both trading lower. This decline is tied directly to the AI sector selloff, and Goldman Sachs says AI expectations are a major driver of current copper prices.

Yet S&P Global's estimate puts AI and data centers at only about 10% of copper demand by 2040. The same projection shows a significant 7.5 million-tonne copper supply gap by 2040 even if the entire data-center sector is removed, a sign that copper's importance rests on broader demand.

For investors, long-term buyers may find opportunities in established copper producers rather than speculative developers facing rising capital costs. Both FCX and SCCO retain large market caps of $100.61B and $170.30B, reflecting their significant presence in the copper market.

FAQ

How much does S&P Global expect AI and data centers to contribute to copper demand?: S&P Global estimates AI and data centers will drive about 10% of copper demand by 2040.
What does S&P project for the copper supply gap by 2040?: Even removing the entire data-center sector, S&P projects a significant 7.5 million-tonne copper supply gap by 2040.
How are Freeport-McMoRan and Southern Copper trading?: Freeport-McMoRan trades at USD 69.07, down 1.41%, and Southern Copper at USD 200.00, down 0.84%, as of Oct 17, 2026 on Pluang.

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