Copper Prices Reach Record Highs Amid Growing Demand and Supply Concerns
Copper prices have hit record highs, reaching $14,858.50 per metric ton on September 10, up about 19% in 2026 and roughly 48% over the past year. This surge has raised concerns about the commodity's availability for various industries that rely heavily on it, including manufacturing, building, energy, and artificial intelligence infrastructure.
The Democratic Republic of Congo has banned exports of copper concentrate as part of its efforts to force domestic processing and retain more value from its mineral resources. As a result, merchants have been shipping refined copper to the United States for months, filling inventories and driving up prices.
Global demand for copper is expected to grow by 50% by 2040, according to S&P Global's study titled Copper in the Age of AI: Challenges of Electrification. The study warns that a potential 10 million metric ton copper shortfall could occur by 2040 without significant supply expansion.
The Trump administration has been considering tariffs on refined copper as part of its efforts to rebuild U.S. manufacturing and reduce reliance on foreign supplies of critical materials. However, no formal decision has been made yet regarding the imposition of a 15% tariff starting in 2027 that would increase to 30% in 2028.