3 Trends That Will Push Copper Higher in 2028

Copper may not command headlines quite like gold or silver, but it shouldn't be overlooked. Often named "Dr. Copper" for its reputation as a barometer of global economic health, this metal could be approaching a major inflection point. Over the past year, the Global X Copper Miners ETF (NYSEMKT: COPX) has surged 37%.

Demand for copper is climbing. Meanwhile, aging mines are producing less, and new supply won't hit the market fast enough. This powerful combination could send copper prices higher over the next decade. Here are three trends that could drive copper prices higher in 2028 and beyond.

Hyperscalers are racing to build data centers and are spending massively to do so. Major technology companies Alphabet, Amazon, Microsoft, and Meta Platforms are spending $735 billion on capital expenditures this year alone, much of which is going toward data centers. According to McKinsey projections, data center investments could reach $7 trillion by 2030.

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