India's Copper Demand to Surge 10-12% Annually Over Next 2 Years: Icra

• Icra projects India's domestic copper consumption to grow 10-12% annually over the next two years.
• This growth is a moderation from the 14-15% surge seen in the first seven months of FY26.
• Higher metal prices are expected to temper near-term demand, despite healthy underlying drivers like urbanization and infrastructure development.
• Medium-term demand will be increasingly driven by energy-transition applications, including renewables, power grids, data centers, and EVs.
• Domestic refined copper deficit is expected to narrow with capacity additions, while upstream entities benefit from firm prices.