Commodities
Copper Prices Soar to Record Highs Amid AI Demand and Tariff Uncertainty
Copper prices have reached record highs in both New York and London due to rising demand from artificial intelligence, electric vehicle production, and construction of data centers.
The global scramble for copper is colliding with weaker mine output, while possible US tariffs are redirecting supplies and raising questions about everyday products.
Copper futures in New York ended at $6.89 per pound on Wednesday, the highest level on record, while prices in London also reached a new high.
The surge is driven by limited supply and rapidly growing demand, which has outpaced mining capacity by 1.1% in the first half of 2026, according to preliminary data from the International Copper Study Group.