Copper futures hit record high as data center build-up, EV growth fuels demand [MSNBC.com]
AURUBIS AG UNSP/ADR (AIAGY)
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Source: MSNBC.com
An employee scans barcodes on copper rods as they sit stacked outside at the Aurubis AG headquarters in Hamburg, Germany.Krisztian Bosci | Bloomberg | Getty ImagesCopper futures hit a record high on Wednesday as demand for the base metal stays strong amid a rush to build data centers and the continued electrification of the global economy.Copper pricesDemand for copper iswidely consideredCopper demand from electric vehicles and the transportation sector overall is set to increase by around 5% this year, according to forecasts by the Bank of America.Copper is also a critical material for cables used in data centers, whose growth has fueled demand for the red metal especially as an artificial intelligence boom generates more need for data centers."With demand from EVs still growing, albeit a slower pace, the focus has shifted towards the copper needed in the data center build-out," the BofA note added.Data centers rely on copperInternational Agency is expectingTheInternational Copper S
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