Key facts
US copper futures briefly rose to about $6.90 per pound on Thursday, setting a record high. Analysts said the rally was mainly driven by rising AI demand and supply shortages, rather than a signal of global economic recovery.
Supply-demand dynamics
The copper price record reflects growing market concerns over tight copper concentrate supply. Copper consumption demand from AI-related industries continues to climb, and the supply-demand imbalance is unlikely to ease in the near term.