After surging to new highs earlier in 2024, copper (HGZ24) prices are back in focus amid concerns about ongoing supply constraints in the face of rapidly growing demand. With the red metal stabilizing after a pullback from those peaks, analysts at JPMorgan recently warned more broadly on the looming copper deficit, which it expects to be driven by rising demand from artificial intelligence (AI) and electrification.
Recent forecasts predict that global copper demand will increase by about 40% by 2040, with the market size expected to reach $548.20 billion by 2034, growing at a CAGR of 5.11% from 2024 to 2034.
