铜价“定时炸弹”正在滴答作响！爆炸性上涨一触即发

Core Insights - Copper prices have retreated from their historical highs reached in July, but strong demand may soon outpace supply, pushing prices higher [1] - Market analysts predict a structural supply shortage in the copper market, with demand expected to increase by 1 million tons annually over the next decade [1][5] - Despite the U.S. government's shift away from clean energy policies, global efforts to meet the power demands of AI data centers and address climate change continue to drive copper demand [1][4] Price Trends - Copper prices reached a record high of $5.959 per pound on July 24, with three-month copper prices on the London Metal Exchange hitting $11,200 per ton on October 29 [2] - Speculation regarding potential tariffs on refined copper led to a temporary price spike, but prices have since declined approximately 15% from their peak [2] - The potential for refined copper tariffs will continue to influence market dynamics, with participants still accumulating inventory in anticipation of future price movements [2] Market Dynamics - The U.S. government's reduced focus on clean energy may suppress demand for copper, a key material in clean energy technologies [3] - The increasing electricity demand from AI data centers is a significant driver for copper consumption, with projections indicating that this demand could double by the end of 2030 [4] - The International Energy Agency forecasts a potential 30% supply gap in the global copper market by 2035, driven by mining challenges and the growing reliance on copper-intensive technologies [5]