Copper hits records as AI and green demand surge - Jan 29, 2026

As of January 29, the news is focused on shifts in the commodities market, renewable energy advancements, and corporate strategies from major global companies, particularly in the technology sector. Copper surged to record levels, reaching over 14,000 euros a metric ton, prompting investor interest and speculation. This increase is attributed to supply concerns and robust demand tied to the green energy transition, with many funds flocking to physical assets amidst geopolitical tensions and a weakening U.S. dollar. Among other developments, ABB reported optimistic outlooks for 2026, citing strong demand in electrification, rail, and marine sectors, while announcing a 2 billion dollars share buyback plan following a fourth quarter that exceeded growth expectations. The engineering group has garnered over 10 billion dollars in new orders, indicating robust business momentum, particularly benefitting from the AI boom through partnerships with tech firms like Nvidia. In the copper sector, Glencore reported an 11% decline in its copper production in 2025. This coincides with mounting anticipation around a possible takeover bid from Rio Tinto. Prices for copper have escalated anticipating supply constraints, an important driver as the industry shifts towards sustainable energy solutions. On the tech front, significant spending patterns are emerging as major corporations, particularly in the AI sector, look to expand their infrastructure. Meta Platforms announced plans to allocate up to 135 billion dollars this year towards data center enhancements, reflecting a stark contrast to Microsoft, whose increased spending was met with slowing cloud growth, leading to a dip in its stock price. This serves as a reminder that investor sentiment is closely tied to tangible growth outcomes. In renewable energy developments, Australia has achieved a new milestone by generating over 50% of its electricity from renewable sources, driven by increases in wind and solar output. Meanwhile, Spain's rooftop solar installations showed signs of slowing growth following the withdrawal of tax incentives, highlighting challenges within the renewable energy sector. On the global stage, significant discussions took place between UK Prime Minister Keir Starmer and Chinese President Xi Jinping, focusing on economic partnerships underscored by AstraZeneca's 15 billion dollars investment in China.