Record Copper Prices Reach New Heights Amid AI Infrastructure Boom

Copper prices have reached record highs in 2026 due to increased demand from AI infrastructure and power grid investments. Data centres, particularly those focused on AI, require large quantities of copper for power cables, electrical distribution, cooling systems, and networking infrastructure.

According to S&P Global Market Intelligence data, an AI training data centre in China could require around 47 tonnes of copper per megawatt of installed capacity, creating a potentially powerful feedback loop. This trend is not just short-term; it can translate into multi-year investment in power infrastructure.

In addition to AI-related demand, power grid investments are also supporting copper consumption. New data centres and broader electrification are increasing copper consumption across power networks, renewable energy, and electric vehicles.

However, supply disruptions have added another bullish catalyst. Recent outages at Indonesian smelters processing ore from the major Grasberg mine and supply disruptions in Chile and the Democratic Republic of Congo have raised concerns about refined copper availability.