Copper Surges to Records

AI Boom and Tariff Uncertainty Push Copper Prices to Record Highs

The rise in copper prices is due to increased global copper supply, demand from the AI boom, and uncertainty over tariffs. Copper futures in New York settled at $6.89 per pound on Wednesday, marking their highest level on record. London copper futures are also at record highs. Copper prices have risen by over 15% this year, outpacing gold, silver, bitcoin and the S&P 500. There is strong demand for copper from electric vehicle manufacturing to the infrastructure for powering AI data centers. However, there are concerns about global copper mine output declining by 1.1% in the first half of 2026 due to poor weather and deteriorating mine quality. Concerns about tariffs are creating distortions in the global market and contributing to higher prices. The further copper prices rise, the more impactful it will become.

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