The Obsidian
Business

The Metal That Quietly Set a Record on AI Demand

Copper hit a new high this week as analysts revised their data-centre demand assumptions upward. Citi told clients to 'chase the move higher' — a phrase the bank does not deploy lightly.

The Obsidian Desk

The AI capital-expenditure cycle is, fundamentally, an electricity story, and an electricity story is, fundamentally, a copper story. Each new gigawatt of data-centre power requires interconnection, distribution and cooling — all of which sit on copper.

Citi raised its 2026 price target this week and advised clients not to wait for a pullback. The note was unusual in its directness; the underlying demand thesis was not.

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