World will need 50% more copper than we have today: S&P Global's Yergin

Summary

Daniel Yergin of S&P Global joins CNBC to discuss a new S&P study projecting copper demand will rise about 50% by 2040 to 42 million metric tons. He attributes the long-term demand growth to global electrification, data centers/AI power needs, developing-world growth, and EVs, while supply faces mine disruptions, policy uncertainty, and long development lead times. The discussion also touches on the broader metals rally, including gold and other metals reacting to economic uncertainty and GDP.

• S&P Global sees copper demand rising about 50% by 2040 to 42 million metric tons.
• Electrification and AI/data-center power demand are key copper demand drivers.
• Data centers could rise from 4% to 14% of U.S. electricity by 2030.
• Copper supply is constrained by mine disruptions, policy uncertainty, and 17-year mine lead times.
• Yergin says longer-term prices point to a world needing much more copper.
• Gold and other metals are discussed as sensitive to economic uncertainty and GDP.
• EVs use 2.9 times more copper than conventional cars.