Copper prices have hit new highs over the past month as demand for the metal grows and experts predict a shortage in years to come.
Copper is a key material in sectors including telecoms, power generation, and construction. Copper is used in wiring for broadband networks and for transformers and generators in the power production industry. The transition to renewable energy has further amplified copper demand. The International Energy Agency estimates that each megawatt of wind and solar energy consumes between 3 and 5 tonnes of copper.
Electric vehicles (EVs) also drive copper demand, using approximately 83kg of copper per vehicle compared to 23kg for traditional cars.
Recycling accounts for 35% of copper supply, but it’s insufficient to meet booming demand. The IEA warns that by 2030, only 80% of copper demand will be met, ensuring high prices persist as industries expand and push for sustainable energy solutions.