Copper Demand Surges as BHP and Vale Pivotal to Meet Demand

BHP Group Ltd. and Vale S.A. are pivoting operations towards copper, with Vale budgeting $3.3 billion to expand copper production to 500,000 metric tons per year by 2030. Copper demand is surging due to data center infrastructure, EV manufacturing, renewable energy, and military applications, with physical demand up over 30% in the past two quarters. Global copper supply is projected to fall short by as high as 17 million metric tons annually by 2050 unless new mines open.