Bellwether industrial metal copper is trading like an AI stock

Mining05-22 07:25

Stock image. Copper, famed for tracking shifts in the global industrial economy, is trading like a high-flying tech stock as investors bet that skyrocketing power use for artificial intelligence will ...

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overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nBellwether industrial metal copper is trading like an AI stock\n</h2>\n\n<h4 class=\"meta\">\n\n\n2026-05-22 07:25 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.mining.com/web/bellwether-industrial-metal-copper-is-trading-like-an-ai-stock/><strong>Mining</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Stock image.\nCopper, famed for tracking shifts in the global industrial economy, is trading like a high-flying tech stock as investors bet that skyrocketing power use for artificial intelligence will ...</p>\n\n<a href=\"https://www.mining.com/web/bellwether-industrial-metal-copper-is-trading-like-an-ai-stock/\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"BK4588","symbol_name":"碎股","start_time":0,"source_url":"https://www.mining.com/web/bellwether-industrial-metal-copper-is-trading-like-an-ai-stock/","article_id":"2637348429","we_media_id":null,"thumbnails":["https://www.mining.com/wp-content/uploads/2026/05/AdobeStock_1889736210_Editorial_Use_Only-scaled-e1779459540480.jpeg"],"rights":{"source":"mining_highlight","url":"https://www.mining.com/web/bellwether-industrial-metal-copper-is-trading-like-an-ai-stock/","rn_cache_url":null,"directOrigin":true},"url":"https://stock-news.laohu8.com/highlight/detail?id=2637348429","pubTimestamp":1779405900,"columns":[],"sourceInfo":{"source_id":"mining_highlight","name":"MINING.COM"},"weMediaInfo":null,"summary":"The metal is moving in near-lockstep with stocks like Nvidia and ASML Holding.","collect":0,"end_time":0,"defaultTopTitle":"mining.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"BK4588":"碎股","CPER":"美国铜指数基金","BK4551":"寇图资本持仓","COPJ":"SPROTT JUNIOR COPPER MINERS ETF","CHAT":"ROUNDHILL GENERATIVE AI & TECHNOLOGY ETF","XME":"金属与采矿指数ETF-SPDR","ICOP":"iShares Copper and Metals Mining ETF","BK4023":"应用软件","COPP":"Sprott Copper Miners ETF","ARTY":"ISHARES FUTURE AI & TECH ETF","AGIX":"通用人工智能 ETF-AGIX","BK4543":"AI","BK4585":"ETF&股票定投概念","UYM":"基础材料指数ETF-ProShares两倍做多","BK4587":"ChatGPT概念","BK4528":"SaaS概念","BK4535":"淡马锡持仓","CPXR":"USCF DAILY TARGET 2X COPPER INDEX ETF","AIYY":"YIELDMAX AI OPTION INCOME STRATEGY ETF","AIPO":"Defiance AI and Power Infrastructure ETF","AI":"C3.ai, Inc."},"translate_title":"领头羊工业金属铜的交易就像人工智能股票","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"XME":1.5,"AIYY":0.6,"MHGmain":1.5,"AI":0.9,"COPP":1.5,"ARTY":1.5,"AGIX":1.5,"UYM":1.5,"AIPO":1.5,"COPJ":1.5,"CHAT":1.5,"CPER":1.5,"QCmain":1.5,"ICOP":1.5,"CPXR":1.5},"content_text":"Stock image.\nCopper, famed for tracking shifts in the global industrial economy, is trading like a high-flying tech stock as investors bet that skyrocketing power use for artificial intelligence will fuel a surge in demand.\nThe highly conductive metal that’s crucial for data centers and power grids has recently been moving in near-lockstep with stocks like Nvidia Corp. and ASML Holding NV. Prices climbed to a record close last week, then retreated as AI-related equities hit turbulence, and were rallying again on Friday as investors returned to the sector.\nThe gyrations reflect how copper’s exposure to all the transmission lines, transformers and electrical equipment needed to power AI has become a key pillar in the bullish outlook for the metal. For now, that’s outweighing mounting worries about the Iran war’s impact on the more traditional industrial bedrock of copper demand.\n“This round of the rally is mainly driven by a structural AI-themed trade,” said Xu Shendi, director of base metal trading at DH Fund Management Co., one of China’s biggest hedge funds. She is neutral to bullish on copper’s outlook, and said further gains are likely to require a fresh wave of investor inflows into the tech sector, alongside tighter mine supplies.\n\n\nAI isn’t the only force behind the rally. Investors have also been piling into hard assets like copper as a hedge against inflation, while chronic underinvestment in new mines sets the market up for a severe supply deficit.\n“Commodities have gone from being an overlooked asset class to becoming increasingly attractive for multi-asset investors,” said Matt Miskin, co-chief investment strategist at Manulife John Hancock Investments. “This is really a three-legged stool for copper: AI demand, inflation hedging and a run-it-hot macro environment.”\n\nAI to boost copper demand 50% by 2040 — S&P\n\nAnalysts vary widely on AI’s impact on copper demand, with estimates ranging from about 125,000 tons annually over the past three years to 1.1 million tons projected for data centers in 2025. Commodities trader Mercuria expects about 350,000 tons of growth this year, up from under 400,000 tons in 2025.\nWhile that’s only about 2.5% of annual demand, Mercuria’s head of metals research, Nicholas Snowdon, told an industry conference in Hong Kong earlier this month that he expects the AI industry’s growth to be similar to that of China’s electric-vehicle and renewables sectors, which have become a major source of copper demand in less than a decade.\n\n\nStill, some warn that the copper market is pricing in the demand uplift far too early.\nRecent research by commodities brokerage Marex Group and Oxford University notes that while Microsoft Corp., Alphabet Inc.’s Google and Amazon.com Inc. have committed some $580 billion to US data center projects this year, the industry is running into formidable bottlenecks in securing labor, power, equipment and permits.\n“For copper, it’s not really the data centers themselves that matter most — it’s the power generation and transmission network required to support them,” said Guy Wolf, Marex’s global head of market analytics. “The AI narrative is bullish for copper, but the actual metals demand is probably further into the future than many investors assume.”\nEven so, Wolf noted that there are risks for traders thinking of betting against the rally, given the sheer size of recent inflows into technology stocks.\nCopper’s surge has come as money managers have added about $14 billion in net-long positions in futures markets in London and New York so far this quarter. Over the same period, the combined market capitalization of Nasdaq-100 companies has risen by $7.8 trillion, according to calculations by Bloomberg News.\n\nCHART: Copper price surge mints 23 new unicorn mines\n\n“We haven’t really seen this kind of institutional interest since the China supercycle,” Wolf said, referring to the years earlier this century when rapid Chinese growth led to a commodities boom. “Even a small portfolio allocation shift into hard assets can overwhelm the market.”\nBearish investors also risk being burned by the re-emergence of a lucrative trading opportunity linked to the risk that the US will impose tariffs on imports of the metal. Copper prices on New York’s Comex have jumped above those on the LME in recent weeks, allowing traders to capture the arbitrage by shipping cargoes to the US.\nLME futures were trading at about $13,630 a ton on the LME on Friday, while Comex prices were about $400 higher. Orders to withdraw copper from warehouses tracked by the LME jumped the most since 2013, in a sign that traders may be looking to move stock into Comex warehouses to capture the higher prices.\nThat dynamic could end up triggering fresh bidding wars among buyers seeking to secure available metal, even in an environment where demand is weakening.\nEarlier in the year, a rebound in Chinese demand had supported copper’s rally, with buoyant spending in power grids and the renewable energy sector offsetting losses from the property sector, which was the engine powering copper demand for much of the 21st century. But close-to-record prices are starting to deter manufacturers.\nThe US premium is “driving all the metal flows that way, and China’s fundamentals do not matter any more,” said Harry Jiang, a trading manager with China Base Ningbo Group. “China is increasingly a price taker, not a price setter.”\nIn the past, investors have often been caught out as swift downturns in spot demand in China have upended their bullish bets on future growth. But Matthew Fine, who started investing in copper miners after joining Third Avenue Management as a portfolio manager in 2017, remains confident that the long-term trajectory is higher.\nEven factoring in new demand from the AI sector, copper demand is only likely to grow at 2.7% annually through to 2040, he said. But crucially, miners look increasingly unable to keep pace, as new projects grow scarcer and more expensive to develop.\n“AI may be the latest component of evolving demand, but the projected growth rates are no different than they’ve been for 125 years,” he said. “We look like, as a planet, we’re going to be short in a real way pretty soon.”\n\nRead More: China’s ‘invoice economy’ crackdown leaves copper trade reeling","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"tenantId":"TBGLOBAL","deviceId":"web-server-community-laohu8-v3","version":"4.42.2","shortVersion":"4.42.2","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2637348429","isCrawlerRequest":true}