**The material of the next decade**

Over the past year, copper has risen nearly 40% — despite a surplus on the market. Analysts[cite](https://www.bloomberg.com/news/articles/2026-07-22/copper-wavers-near-14-000-as-traders-watch-for-trump-s-tariff) different reasons: anticipation of new US tariffs, geopolitical uncertainty and strong demand from the tech sector.

**But the honest answer is simpler:** nobody knows exactly what comes next, with several factors currently shaping the market.
**
One of the key drivers** is data center construction. Every data center requires enormous amounts of copper for cables, transformers, etc. AI infrastructure alone[could](https://www.woodmac.com/market-insights/topics/copper-market-and-asset-intelligence/) consume around 700,000 tonnes of copper by 2030. Meanwhile, new mines take an average of 17 years to develop, raising questions about whether new supply can keep pace with demand.


> All of this makes copper one of the defining materials of the next decade — alongside uranium and rare earth metals.


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