The “boom” in AI computing power infrastructure has increased the level of tension on the supply side of computing power metals. Types of non-ferrous metals covering copper, tungsten, tin, tantalum, etc. are called “computing power metals” in the market. On August 6, due to the Congo's ban on copper concentrate exports, global copper prices once again reached a new all-time high. Meanwhile, domestic and foreign AI companies continue to increase capital expenditure and increase investment in AI infrastructure. Zhonghui Futures researcher Xiao Yanli believes that there is a risk of a timing mismatch between AI copper demand in the market. It takes an average of 15 to 18 years from mine exploration to commissioning, while the AI data center construction cycle is only 2 to 3 years. There is a huge time gap between the long cycle of 15 years or more on the supply side and the short cycle of 2 to 3 years on the demand side. The scissor gap between supply and demand may reach its extreme around 2028, at which time copper prices will face structural upward pressure.

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