June 12 spot price of SMM copper

A Reuters analysis suggests that expectations for AI-driven copper demand may be overstated. Although AI data centers consume more copper than conventional facilities, project deployment faces bottlenecks including power availability, grid connections, logistics and labor constraints. Advances in fiber-optic and high-voltage technologies may also reduce copper intensity. AI remains supportive for copper demand, but perhaps not to the extent many bulls anticipate.

Zambia has extended its suspension of export duties on copper concentrates until September 30 to ease stockpile pressure caused by prolonged smelter outages. The measure covers more than 270,000 tonnes of concentrate from major producers including Mopani, Lumwana, and First Quantum. Authorities hope the extension will help maintain supply-chain stability while domestic processing facilities recover.