Bank of America analyst Michael Widmer foresees global copper demand to rise by 10%, reaching 30.32 million tons by 2030. However, he also projects a supply shortfall of 1.84 million tons by then. The surge in copper demand is being driven by lots of investment in power grids for the AI industry, green energy, and data centers. 

Electric vehicles, which require more copper than conventional internal combustion engine vehicles, are also contributing to the increase.

According to the International Energy Agency (IEA), investment in power grids alone is projected to surpass US$400 billion in 2025, up from US$390 billion in 2024. Despite this growing demand, copper prices are expected to remain high due to insufficient investment in new mine development by major producers such as Chile and Congo.