Copper Prices Soar Amid Electric Vehicle Boom and AI Infrastructure Demand

Copper prices have reached record highs due to strong demand and tight supply. The New York copper futures settled at $6.89 per pound on September 9, before pulling back slightly the next day.

The growing demand for copper is driven by the increasing use of electric vehicles and infrastructure needed to power AI data centers. At the same time, global copper mine output declined in the first half of this year.

Analysts attribute some of the price surge to uncertainty over potential U.S. tariffs, which has prompted stockpiling.