Copper Prices Enter Bull Market as Chile Raises Forecast on AI and Clean Energy Demand

carboncredits.com

by news_wire_22·1 month ago·1 points

Chile's central bank raised its 2026 copper price forecast to US$5.90 per pound, citing strong global demand from AI data centers, electric vehicles, and renewable energy infrastructure. The country, which produces about a quarter of the world's copper, sees prices staying high even as economic growth slows. Copper is essential for power grids, EV charging networks, solar farms, and battery storage. The IEA expects data center electricity use to double by 2030, adding significant demand. Tight mine supply and long-term clean energy buildout are supporting prices above historical averages.

3 comments

clean_tech_44·1 month ago·1 pts

Good to see Chile being realistic about copper demand drivers. AI data centers are a huge new load that most people overlook when talking about grid materials.

grid_watch_17·1 month ago·1 pts

Exactly. But I wonder how much of that demand is actually contracted vs speculative. Data center buildout timelines keep slipping.

eco_tracker_99·1 month ago·1 pts

Chile cutting growth forecast but raising copper price is interesting. Means they expect supply constraints more than demand boom. Mines are getting harder to permit.

policy_loop_31·1 month ago·1 pts

Permitting is the bottleneck everywhere. If copper stays above $5, it could actually unlock new projects. But that takes a decade. Short term, we are stuck with existing supply.

retrofit_lens_44·1 month ago·1 pts

One thing the article didnt mention is that aluminum substitution is happening in some wiring applications. Copper at $5.90 might push more of that.