Switched On How Data Centers Are Fueling a Global Copper Crunch
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Sep 24, 2025 Join Rosemary Katz, a senior associate at BNEF focusing on copper supply dynamics, as she dives into the urgent global copper crunch driven by skyrocketing demand from data centers. She reveals that by 2035, copper demand could exceed supply by 6 million metric tons. Rosemary explains how traditional industries compete for copper, and discusses the implications of mine closures despite rising demand. With insights on future pricing trends and the critical role copper plays in data centers, she offers a fascinating glimpse into the future of this essential metal.
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Copper Has Become A Strategic Bottleneck
- Copper demand is shifting from a background commodity to a strategic bottleneck driven by data centers and the energy transition.
- Supply already looks tight and could run a multi-million-ton deficit by 2035.
Supply Chain: Mining Versus Refining Geography
- Global copper production concentrates in South America, the US, Australia and parts of Africa while China dominates refining.
- China refines roughly 40% of the world's refined copper and imports concentrates for processing.
Economics And ESG Are Shuttering Mines
- Many existing mines are closing because remaining ore is lower grade and costlier to process, and ESG constraints raise costs and delays.
- Water scarcity, costly desalination, protests and permitting hurdles force some mine shutdowns despite rising prices.