For a number of weeks now the price of copper will increase steadily, like different metals reminiscent of gold and silver.
This has to do with the improve in demand and the lower in provide. So a lot in order that the pink steel It could be very shut to five USD the pound, its historic file reached in 2022.
At the time of writing, copper was down 2.2% at $4.56 per pound. Anyway, has risen greater than 15% thus far this yr.
The element of why copper rises and the significance of AI
Currently, there may be strong demand from key sectors reminiscent of electrical autos (they use copper for batteries) and different rising industries reminiscent of synthetic intelligence and the knowledge facilities.
In parallel, geopolitical tensions trigger provide chains to be interrupted and provide issues are aggravated.
This mixture is a “perfect storm” in order that the price of the pink steel doesn’t cease rising.
What does AI challenge on copper?
The software OpenIA ChatGPT estimated that the price of the pink steel will probably be between USD 4.5 and USD 5.3 per pound by May 2024.
Alphabet’s AI, Geminiadditionally calculated the price of copper and established that it is going to be round $4.54 per pound.
