Tight Supply, AI Boom Keep Copper Prices Near Record Highs

The copper price remains strong due to tight mine supply and increasing demand for AI infrastructure and power-grid expansion. Copper has consolidated near record highs after reaching $6.60 on Tuesday, with technical indicators pointing towards a potential advance towards $7 in the short term.

NVIDIA's planned $500 billion financing could further support long-term copper demand, but weak Chinese demand and project delays remain important risks to consider. The copper to silver ratio is also showing improving relative strength, but requires a breakout above 0.107 to confirm further outperformance.