The AI boom will nearly double demand for copper, mining firm BHP told the Financial Times.
Copper is a necessary material for electrification, and AI data centers will require power capacity to expand.
Chief Financial Officer Vandita Pant told the Financial Times that AI data centers will account for 6% to 7% of copper demand by 2050.
These conditions caused copper prices to peak to a record high in May, though China's economic tumble has helped deflate prices to $9,207 a ton.
Previously, the bank also considered copper prices to benefit from the expansion of AI data centers.
Persons:
—, Vandita Pant
Organizations:
BHP, Financial Times, Service, Lundin Mining, Bank of America