Copper’s relationship with crude oil and China
Figure 1: Divergent trend in crude oil-copper still in place
Figure 2: Copper prices have diverged from the pace of growth in China
Copper, AI, EVs and the Energy Transition
Figure 3: Generative AI’s thirst for electricity is boosting electricity demand
Figure 4: In the U.S., EVs and hybrids are gaining market share
Figure 5: Solar and wind energy gaining market share
Figure 6: There has been a decline in the cost of storing lithium-ion batteries
Copper Supply
Figure 7: Copper supply growth has been limited
Figure 8: The length of time to market for new supplies of copper has been growing
Figure 9: Dr. Copper isn’t immune to fluctuations in U.S. equities
Bottom Line: Key Upside and Downside Risks
Upside Risks for Copper Include:
Downside Risks for Copper Include:
