Wall Street has become very bullish on copper, despite the metal's recent gains. The rises were boosted by supply risks and rising demand amid the energy transition and the artificial intelligence boom. Copper is used in data centers for power cables, electrical connectors, power strips and more, Jeffries noted in an April 10 note. It estimates that global copper demand through data centers will rise from 239 kilotonnes (thousand tons) in 2023 to at least 450 kilotonnes per year in 2030. “Our analysis shows that this potential growth in demand will exacerbate the underlying deficit in Copper market, ultimately leading to higher prices “Data centers contain massive amounts of computing power needed for AI workloads, and this need is expected to grow as many technology companies rapidly develop AI infrastructure,” Jefferies analysts wrote. .Large language models require large data center capacity. In a recent note, Morgan Stanley forecast the price of the metal to reach $10,500 per ton by the fourth quarter of this year – representing a rise of approximately 12% GenAI/Data Center increases investor optimism about copper, on the back of limited supply.” Demand for copper is also widely considered an indicator of economic health. The metal has a wide range of applications throughout construction and industry. It is also a critical component in electric vehicles, and is used In batteries, wires, charging points and more. For those looking to buy into this sector, CNBC Pro checked out shares in the Global X Copper Miners ETF. The following stocks have Buy ratings from 50% or more of analysts covering them, an average upside price target of 10% or more, and are covered by at least five analysts. Canadian company Solaris Resources stood out by having a potential upside of more than 200% – the highest on the list – and a buy rating of 100%. Filo Mining also made the cut, receiving a 25% upside from analysts and a 92% buy rating. In addition to the Global
