Marginal demand drivers for industrial metals are shifting away from real estate
and traditional infrastructure toward data centers, power-grid expansion and
electrification. UniCredit says copper should benefit from structural supply
constraints and electrification-led demand, while aluminium is set to gain
mainly from grid buildout, lightweighting and recycling. The IEA forecasts
global electricity demand to rise about 3.6% annually in 2026–2030, with AI and
data centers a key incremental load; meeting that new load would require roughly
50% higher global power-grid investment by 2030 versus current levels.
