Copper hits US$6.71 a pound on May 13 as Goldman Sachs and Citi lift targets to $13,735–$15,000 per ton
AI Market Summary
Copper's rally is being reinforced by simultaneous supply shocks (Grasberg mudflow, Kamoa-Kakula flooding, weaker Chile output) and structurally rising electrification demand from AI data centers, EVs, and industrial automation. With major banks lifting price targets and the IEA warning of potential multi-year deficits, the market is likely to remain sensitive to further production setbacks and upcoming U.S. tariff guidance on refined copper.
Impact level
● High
Affected assets
NCCOCOPPER2USD/USDT+0.61%
AI Insight · NCCOCOPPER2USD/USDTAI Insight
▲ Bullish
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Copper hit an intraday record of US$6.71 a pound on COMEX on May 13. Supply has tightened after disruptions at Indonesia’s Grasberg mine, flooding at Congo’s Kamoa-Kakula complex, and a 10% year-on-year drop in Chilean output in March. At the same time, demand is being boosted by AI data centers, EVs and industrial robots, with S&P Global projecting copper demand will reach 42 million tonnes by 2040. Goldman Sachs and Citigroup have raised their copper price targets to $13,735–$15,000 per metric ton.
