Copper

The single most important AI metal. Each new GW of data-center capacity consumes thousands of tonnes of copper in wire, busbars, transformers, motors. Goldman/BloombergNEF model multi-million-tonne incremental demand by 2030.

Players

Players: Freeport-McMoRan FCX, Southern Copper SCCO, BHP BHP, Rio Tinto RIO, Antofagasta ANTO.L, First Quantum Minerals FM.TO, Teck Resources TECK, Anglo American AAL.L, KGHM KGH.WA, Hudbay Minerals HBM, Capstone Copper CS.TO, Ivanhoe Mines IVN.TO, Lundin Mining LUN.TO, Glencore GLEN.L, Vale VALE, Sandfire Resources SFR.AX