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Finding the signal in the noise: pay attention to copper

It is not just a ‘commodity’; it is the load-bearing metal of the modern world

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    • The picks and shovels of AI run on copper, not code or chips. A single 10-gigawatt data centre needs around 50,000 tonnes of copper.
    • The picks and shovels of AI run on copper, not code or chips. A single 10-gigawatt data centre needs around 50,000 tonnes of copper. PHOTO: REUTERS

    Daryl Guppy

    Published Tue, Feb 3, 2026 · 04:05 PM

    DEPENDING on your vantage point, every day brings a new triumph or tragedy from US President Donald Trump. From kidnapping a president to threatening an invasion of Greenland or ICE (US Immigration and Customs Enforcement) shootings, the political noise is deafening.

    But is there a signal hidden among all this background chatter? Here are a few of the potential signals extracted from the noise.

    Trump’s attacks on Venezuela and, potentially, Iran are designed to cut China off from its oil suppliers, and so destroy the economy. Believing this means means you would sell China and buy America.

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