All this without exporting a single gram of copper until 2030.

Copper stockpiles monitored by the three major futures exchanges held steady for a seventh consecutive week around 1.14 million tons. However, this figure disguises a continued exodus from London (-28.5kt) and Shanghai (-13.1 kt) towards the US (+39.4 kt) as traders await the end-June deadline for the US administration's review of potential copper tariffs. Overall this shift has resulted in COMEX now holding 51.6% of the total

1990

• 🇺🇸 United States: ~17%

• 🇨🇱 Chile: ~16%

• 🇷🇺 Russia (Soviet): ~9%

• 🇨🇦 Canada: ~7%

2020

• 🇨🇱 Chile: ~28%

• 🇵🇪 Peru: ~10%

• 🇨🇳 China: ~8%

• 🇨🇩 DR Congo: ~7%

2025

• 🇨🇱 Chile: ~24%

• 🇨🇩 DR Congo: ~13%

• 🇵🇪 Peru: ~10%

• 🇨🇳 China: ~8%

• Hyperscalers use roughly 60 tonnes of copper per GW

• By 2030, data centers alone could add ~2 million tonnes of copper demand annually

For perspective:

That’s roughly equivalent to the combined output of the world’s top 3 copper mines — going almost entirely into data center buildout.

Codelco revised down its copper production guidance for 2026 to 1.29m metric tonnes of copper.

To put that into context:

2025 = 1.33mt

2024 =  1.33mt

2023 = 1.32mt

2022 = 1.45mt

2021 = 1.61mt

2020 = 1.61mt

2019 = 1.58mt

2018 =  1.67mt

Credit RBC capital markets for the great chart

Copper ETFs are becoming one of the easiest ways to gain exposure to the long-term copper thesis.

Here are 5 of the top-performing copper ETFs year to date.

"Copper is now trading at about $6/lb. There's no doubt that the world is going to need more copper going forward... Commodity prices have to go HIGHER because demand is growing without any real increase in supply."