A major copper supply crunch is looming, and it is structural, not cyclical Recent analysis from S&P Global's "Copper in the Age of AI" projects global demand rising from around 28 million tonnes in 2025 to 42 million tonnes by 2040, driven by economic demand, the energy transition, and addition (renewables, EVs, grid expansion), AI and data centers, and defense. Add to that a constrained supply, and the shortfall is estimated to reach 10 million tonnes per year by 2040, even with secondary supply from recycled copper. This creates serious risks for the energy transition, tech growth, and the wider economy, making copper a crucial strategic resource. With copper supply limited, innovation and substitution with aluminum and other components might be key. The US seems safe for now, with large reserves and resources, but China controls a significant share of the copper processing industry. What do you think this means for other commodities and overall inflation and growth?