Copper Hits Record High on AI Demand and Tariffs
Copper futures hit a record $6.89 per pound on Wednesday before pulling back about 5% on Thursday, driven by a 40% year-over-year surge. The rally is fueled by AI infrastructure demand and a 1.1% drop in global mine production, alongside speculative trading as market participants stockpile inventory ahead of potential new US tariffs on refined copper.
GN auto markets reports that copper futures retreated roughly 5% on Thursday to pull back from their historic peak. The article highlights that global mine output dipped by 1.1% in the first half of 2026 due to weather and ore quality issues, while traders continue to front-run potential 15% tariffs on refined metal, creating a supply squeeze outside the US.
Source: GN auto markets/commodities: copper pricesNew York copper futures settled at a record high of $6.89 per pound on Wednesday. Prices have risen 40% over the past 12 months. This surge reflects tight supply and rising demand from artificial intelligence infrastructure.
Source: GN auto markets/commodities: copper prices
