Copper as a recession indicator is broken — AI data centers, EVs and renewables all demand it at once.
Copper has long been the economy's thermometer. But AI data centers, EVs and renewables now demand it all at once. S&P Global projects a 10M-tonne deficit by 2040.
2024–2026 data breaks the "Dr. Copper" relationship: copper stays elevated while PMI contracts. Electrification demand has overtaken cyclical demand.