Idaho copper rush

The long-term outlook for copper continues to strengthen.​

Red Cloud Securities forecasts copper averaging $6 per lb. by 2030. The firm expects deficits of 19,000 tonnes in 2027, 46,000 tonnes in 2028, widening to 555,000 tonnes in 2029 and 766,000 tonnes by 2030.xvi

Two major forces are driving this shift.

First, AI and data centers are drawing down copper supply at an unprecedented rate. Microsoft’s $500 million Chicago data center used roughly 2,177 tonnes of copper, about 27 tonnes for every megawatt of power capacity. Now consider that a standard AI server rack consumes 30-80 kilowatts of power.xvii

Second, the U.S. is ramping up manufacturing, heavy industry, and critical infrastructure at a scale not seen in decades. From semiconductors to defense systems to grid modernization, copper is central to the entire buildout.

That’s why the U.S. Department of Energy recently committed $355 million to expand domestic production of critical minerals, including copper, citing its importance to national security.xxviii This follows a series of investments in domestic mineral producers intended to reduce foreign reliance, including MP Materials to bolster rare earth supplyxix and Lithium Americas to enhance lithium production.xx

Private-sector capital is moving in tandem, with companies investing billions into fabrication plants, automotive and battery facilities, and new industrial infrastructure. Every one of these projects depends on large volumes of copper.

These forces have created one of the strongest macro tailwinds in decades. But navigating a district like this requires leadership with a proven ability to advance successful projects – and IDEX has exactly that.

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