The price of copper 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 hell are you stacking copper? Are you a gypsy or something?”
Yet data shows that copper is poised to become the largest trade before 2030 due to computers and data centers.
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be something like gold, silver or copper? Won’t this be related to AI? We are going to see many major events, as we are already experiencing, through 2030 and beyond. Here’s what you need to know:
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Is the price of copper your golden ticket? AI, data centers and why copper is growing
Copper briefly reached the $5.97 level this week before falling back into a choppy range near $5.83. Technical indicators show copper cooling after a period of overbought, but this is the calm before the storm.
As Chamath Palihapitiya of the All-In podcast recently said, “the chart doesn’t matter.” What matters is S&P Global’s January 2026 study, which indicates that copper demand is expected to increase by almost 50% to 42 million tonnes by 2040, as AI and electrification accelerate.
Supply peaks at 34 million tonnes around 2030, then decreases. From there, the gap widens.
A copper shortage is expected next:
The global economy is expected to face a copper deficit of 10 million tonnes by 2040, equivalent to around 33% of current global demand.
This comes as global copper demand is expected to reach 42 million tonnes by 2040, up from 28 million tonnes in… pic.twitter.com/2xL30GWlgt
– Kobeissi Letter (@KobeissiLetter) January 26, 2026
Palihapitiya also reiterated this imbalance, pointing out that hyperscalers are quietly blocking copper supply in the long term.
Amazon’s multi-year deal with Rio Tinto for copper production in Arizona is not about price hedging but about physical access. When big tech starts outsourcing raw materials like utilities, you know the cycle has changed.
“Demand for copper from AI and electrification will outpace supply growth,” Chamath Palihapitiya said on the All-In podcast.
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According to S&P Global and industry estimates:
- Global copper demand increases from ~28 Mt in 2025 to ~42 Mt in 2040.
- A projected deficit of around 10 Mt appears by 2040, or around a third of current global demand.
- Asia accounts for around 60% of additional demand growth.
Copper usage in AI data centers is also expected to increase from 127% to around 2.5 Mt by 2040.
There is no substitute waiting in the wings. Superconductors and carbon nanotubes remain laboratory-scale dreams, not industrial solutions.
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The short-term evolution of copper prices reflects this tension. Support lies around $5.51, with intermediate consolidation near $5.72. Sustained hold above $5.97 sets the stage for a rise towards $6.12 and $6.24.
Let’s end with this: in 2025, Bitcoin has drifted lower while precious metals have made decisive gains. Looking at copper today reminds me of Bitcoin in the early 2010s. Boring until it wasn’t. When the market finally views copper as strategic infrastructure rather than a cyclical input, these prices will appear outdated.
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Key takeaways
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The price of copper is now officially the most undervalued metal on the market. Data shows that copper is poised to become the biggest trade before 2030.
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Copper usage in AI data centers is also expected to increase from 127% to around 2.5 Mt by 2040.
The article Copper Price Volatility Is the Calm Before an AI-Driven Supply Shock (Sell BTC USD?) appeared first on 99Bitcoins.
