Southern Copper Soars 33.9% YTD on Supply Deficits and AI Demand
Southern Copper shares have gained 33.94% year-to-date and 117.02% over the past year, outpacing peers. Rising AI data center demand and supply disruptions at major mines support a forecasted multi-year copper supply deficit, underpinning Southern Copper’s strong market position.
1. Southern Copper Corp. Stock Performance
Southern Copper shares have climbed 33.94% year-to-date and 117.02% over the past 12 months, outperforming other major copper miners and related ETFs.
2. Supply Disruptions and Tariff Uncertainty
A fatal mudslide at the Grasberg mine and declining output in Chile, coupled with potential U.S. tariffs, have created a tight global copper supply that has propelled prices above $5.90 per pound.
3. Surge in AI Data Center Demand
J.P. Morgan forecasts refined copper deficits of 330,000 metric tons in 2026, while AI-driven data center installations alone will demand approximately 475,000 metric tons this year, up 110,000 tons year-over-year.
4. Outlook for Southern Copper
Persistent supply bottlenecks and surging structural demand position Southern Copper to benefit from a projected multi-year copper supercycle, supporting further price and share gains.