Copper is no longer just a commodity story

Key insights

1. Copper is becoming a broader cost driver across the economy, no longer merely a commodity-price story.
2. An internal-combustion car uses 20–25 kg of copper; an electric vehicle uses 80–85 kg, roughly four times as much.
3. An ICE two-wheeler uses 2.5–3 kg of copper, while an electric two-wheeler uses 8–10 kg, roughly three times as much.
4. An electric bus requires 250–300 kg of copper.
5. Electronics and appliance manufacturers are passing on higher input costs; some are stockpiling ahead of the festive season, while distributors face margin pressure.
6. EV manufacturers cannot simply eliminate copper, aluminium is a substitute only in certain applications.
7. The critical insight is the second-order ripple effect on manufacturing costs, pricing, margins and the economics of electrification.