S&P said on Thursday it is expected that growth in artificial intelligence and defense will increase global copper demand by 50% by 2040, but without more recycling and mining, the annual supply shortage is expected to exceed 1,000 tons. According to S&P, although the electric vehicle industry has boosted demand for copper in the past ten years, the artificial intelligence, defense, and robotics industries will need more copper in the next 14 years, while traditional consumers also have strong demand for air conditioners and other appliances that consume a lot of copper. The report predicts that by 2040, global demand will reach 42 million tons per year, far higher than the 28 million tons in 2025. But without new sources of supply, nearly a quarter of the demand may not be met.

S&P said on Thursday it is expected that growth in artificial intelligence and defense will increase global copper demand by 50% by 2040, but without more recycling and mining, the annual supply shortage is expected to exceed 1,000 tons. According to S&P, although the electric vehicle industry has boosted demand for copper in the past ten years, the artificial intelligence, defense, and robotics industries will need more copper in the next 14 years, while traditional consumers also have strong demand for air conditioners and other appliances that consume a lot of copper. The report predicts that by 2040, global demand will reach 42 million tons per year, far higher than the 28 million tons in 2025. But without new sources of supply, nearly a quarter of the demand may not be met.