Core Insights - Copper consumption in the U.S. and India is expected to grow significantly over the next decade, moving away from reliance on China as its demand growth slows [1][2] - Analysts predict that while China will remain the largest copper market, other regions will increasingly influence demand and pricing due to changing policies and geopolitical factors [2][3] Demand Trends - China's copper consumption and stockpiling are projected to decline, with a shift back to traditional drivers of copper demand, such as replacement cycles outside of China [3][4] - U.S. copper demand is forecasted to reach 2.2 million tons by 2031, a nearly 50% increase from 2026, while India's demand is expected to exceed 1 million tons, representing over a 30% rise [5] Market Dynamics - By 2031, China is expected to account for 52% of global primary copper consumption, down from 57% in 2026, indicating a shift in market dynamics [5] - The U.S. tariffs on copper pipes and wiring are anticipated to boost local production, potentially leading to a significant loss of market for Chinese copper exports [6][7]