Trafigura集团工业金属分析主管Henry Van表示，大型云服务商的支出计划暗示，用于AI基础设施的铜需求在两年内可能达到多达300万吨。
Hyperscaler spending plans imply copper demand for AI infrastructure would reach as much as 3 million tons in two years, Trafigura Group’s head of industrial metals analysis said.
他在伦敦举行的彭博2026年基本金属活动上表示，为人工智能提供动力的大规模云计算和数据中心基础设施项目表明，这种布线金属的用量在2028年可能达到250万至300万吨，高于Trafigura估计的今年约100万吨。
The projects for large-scale cloud computing and data-center infrastructure to power artificial intelligence suggest usage of the wiring metal could reach between 2.5 million and 3 million metric tons in 2028, up from about 1 million estimated by Trafigura for this year, Henry Van said during Bloomberg’s 2026 Base Metals event in London.
他补充说，不过，2028年的数字并非他的基准情形，而是如果所有大型云服务商的投资计划都得以实现所隐含的结果。市场暗示怀疑所有项目都会付诸实施，表明该细分领域的铜需求在2028年可能为160万吨。他表示，即便如此，也仍比今年增长60%。
He added, however, that the 2028 number was not his base case, but was what is implied if all the investment plans of hyperscalers are fulfilled. Markets imply skepticism that all projects would come to fruition, suggesting that copper demand from the segment could instead be 1.6 million tons in 2028, he said. That would still be up 60% from this year.
今年铜价飙升至纪录高位，因预期关税导致大量货物涌入美国，致使其他市场供应短缺。全球电气化进程加快带来的用量增加也是支撑铜价走牛的因素之一。
Copper has rallied to record levels this year as a surge of shipments to the US in anticipation of tariffs left other markets in short supply. Usage in the world’s growing electrification has also been part of a bullish case for the metal.
根据Trafigura的估算，数据中心建设已成为支撑铜需求的重要因素。Trafigura首席经济学家Saad Rahim周一在伦敦金属交易所研讨会上表示，虽然它仍占总需求相对较小的份额，但快速增长意味着若无此因素，全球铜需求今年将会下降。
The data-center build-out has become a significant factor in supporting copper demand, according to Trafigura’s estimates. While it remains a relatively small part of overall demand, rapid growth means that without it, global copper demand would fall this year, Trafigura chief economist Saad Rahim said at a London Metal Exchange seminar on Monday.
Van在周二的彭博活动上表示，建设数据中心的企业对价格不敏感。“它们不在乎铜价。”他称，高价将有助于鼓励明年供应增加200万吨。另见：交易员对无关税迹象的铜牛市心生警惕
Companies building data centers are not price sensitive, Van said at the Bloomberg event on Tuesday. “They do not care about the price of copper.”High prices will help encourage a 2 million-ton increase in supply next year, Van said. Also see: Traders Grow Wary of Copper Bull Market With No Sign of Tariffs