Copper Surges to Record Highs Amid AI Boom and Tariff Uncertainty

Copper prices have reached record highs due to a combination of factors including robust demand from the AI boom, uncertainty over tariffs, and tight global supply.

The price of copper futures in New York settled at $6.89 per pound on Wednesday, their highest level on record.

Analysts say that while prices have pulled back slightly from record highs, fundamentals are still in place for higher prices. Copper prices are up over 15% this year and 40% over the past 12 months.

The AI boom is driving demand for copper as it's used extensively in electronics, infrastructure, and construction. However, global copper mine output declined by 1.1% in the first half of 2026 due to poor weather and deteriorating mine quality.