Wall Street is very bullish on copper despite its recent gains. The gains were driven by supply risks and rising demand amid the energy transition and artificial intelligence boom. Jefferies noted in an April 10 report that data centers use copper for power cords, electrical connectors, power strips and more. Global copper demand from data centers is estimated to increase from 239 tonnes (kilotonnes) in 2023 to at least 450 tonnes per year in 2030. Ultimately leading to higher prices,” Jefferies analysts wrote. Data centers hold the vast amounts of computing power required for AI workloads, a need that will grow as many technology companies are rapidly developing AI infrastructure. Large language models require significant data center capacity. In a recent report, Morgan Stanley predicted that metal prices will reach $10,500 per ton by the fourth quarter of this year, an increase of approximately 12%. “Hopes for growth in GenAI/data center copper demand amid supply constraints have increased investor bullish sentiment on copper,” the report reads. Demand for copper is also widely considered an indicator of economic health. This metal has a wide range of applications in construction and industry. It is also a key component of electric vehicles, used in batteries, wiring, charging points and more. For those looking to buy into the sector, CNBC Pro screened stocks in the Global X Copper Miners ETF. The following stocks have a buy rating of 50% or above from analysts, an average price target increase of 10% or above, and at least 5 analysts have a buy rating. Canadian company Solaris Resources stands out as having over 200% potential upside (the highest on the list) and a 100% Buy rating. Filo Mining has also been upgraded, with analysts giving it a 25% upgrade rating and a 92% buy rating. In addition to the Global
