Video | Copper versus aluminium: is the substitution story overblown?

Copper prices have surged, reigniting debate about whether manufacturers will increasingly substitute aluminium for copper. From electric vehicles and power networks to data centres and consumer products, stories of widespread substitution have returned to the spotlight. 

But how much copper demand is really at risk? 

In this episode of Mined Over Matter, we examine one of the market's most persistent narratives. While higher copper prices can encourage manufacturers to reduce copper intensity over time, the realities of product performance, reliability and engineering requirements often make substitution more complex than headlines suggest. 

The discussion explores why copper remains difficult to replace across many applications that underpin electrification, digital infrastructure and industrial growth. It also looks at how manufacturers respond to higher metal prices, where substitution is most likely to occur and why changes often take years rather than months to materialise. 

For miners, investors and industry stakeholders, understanding the balance between substitution risk and demand resilience remains critical as copper's role in the global economy continues to evolve. 

In the full episode, we explore: 

• Why the copper-to-aluminium price ratio doesn't tell the whole story 

• The applications where copper remains difficult to replace 

• How rising copper prices influence manufacturing decisions 

• Why substitution often takes years to feed through into end markets 

• The role of copper in electric vehicles, data centres and power infrastructure 

• How manufacturers reduce copper intensity without eliminating copper altogether 

• What substitution debates mean for the long-term outlook for copper demand 

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