Copper nears $15,000 a tonne in January 2026, pushing automakers toward aluminium wiring
AI Market Summary
Record copper prices near $15,000/tonne are accelerating substitution toward aluminium in wiring, led by automakers seeking lower cost and material weight reduction. JPMorgan estimates substitution could impact ~2% of global copper demand this year, potentially rising to 6% by 2030. Separately, aluminium is tightening on supply constraints (China capacity discipline, Middle East disruptions, low inventories), supporting a structurally firmer aluminium market.
Impact level
● Medium
Affected assets
NCCOALUMINIUM2USD/USDT-0.06%
AI Insight · NCCOALUMINIUM2USD/USDTAI Insight
▲ Bullish
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Copper prices surged to nearly $15,000 per tonne in late January 2026, driven by supply shortages, booming energy-transition demand and geopolitical disruptions. Automakers including Ferrari, BMW and Tesla are expanding aluminium wiring to cut costs and reduce weight, with Ferrari saying the switch trims wiring weight by 15–20%. A copper-to-aluminium price ratio above 4.2 and improving technical feasibility are accelerating substitution, with JPMorgan estimating the shift could affect around 2% of global copper demand this year and as much as 6% by 2030. Aluminium is also rising on its own fundamentals as supply constraints and low inventories tighten the market.
