Copper up 45% in a year as India’s electronics makers pivot to aluminium to curb costs

Copper’s 45% YoY rise, driven by AI infrastructure demand and constrained supply, reinforces a tight industrial metals backdrop. Manufacturers’ shift toward aluminium highlights demand destruction/substitution risk at high copper prices, potentially tempering incremental copper consumption in consumer durables while supporting relative aluminium demand. The report also signals ongoing capex in electronics localisation and AI-linked semiconductor strength, keeping focus on metals input costs and supply chains.