Copper Prices Soar on Tariffs and AI Demand

The price of spot copper has seen significant growth in recent months, rising by 3.65% in July alone and 11.10% year-to-date as of July 31, 2026.

This increase is attributed to a combination of factors, including uncertain copper tariffs and the growing demand for the metal driven by artificial intelligence.

Jacob White, CFA, director of ETF product management at Sprott Asset Management, noted that confusion over copper tariffs altered global trade for the metal. The United States initially imposed a 50% tariff on semi-finished copper products but did not adopt a recommendation for refined copper tariffs, leaving companies uncertain about how to proceed.

This uncertainty led to a surge in imports of refined copper into the US, with over 200,000 metric tons reaching US ports in July - the largest monthly inflow since 2014. White stated that this influx of refined copper marked a significant shift in global trade for the metal.