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

• ICRA projects India's domestic copper consumption to increase by 10-12% annually over the next two years.
• Growth will be slower than the 14-15% seen in the first seven months of FY26 due to higher metal prices impacting short-term demand.
• Medium-term demand is driven by urbanization, infrastructure development, and green energy transition, including renewable energy, power grids, data centers, and EVs.
• Domestic refined copper shortage expected to decrease with capacity additions.
• Global copper prices surged to USD 13,000 per ton by January 2026, up 40%, due to supply disruptions and inventory imbalances.