S&P Global Copper Demand Forecast

WSP Global released a report forecasting a 50% surge in global Copper demand by 2040, reaching 42 million metric tonnes annually, up from 28 million in 2025. This increase is primarily driven by the rapid expansion of Artificial intelligence infrastructure, defense spending, and robotics. The report, co-authored by Daniel Yergin and featuring insights from Carlos Pascual and Aurian De La Noue, highlights that without significant increases in mining and recycling, a supply shortfall of over 10 million metric tonnes per year is anticipated. Countries like Japan and Germany increasing defense spending, and the conflict in Ukraine, are also contributing factors. The United States, a major importer, has imposed tariffs on some Copper products. The study was financed by major mining companies like BHP and Rio Tinto (corporation), as well as traders Trafigura and Gunvor Group, and Alphabet Inc..