LME copper climbs to record $14,533 a metric ton after supply outlook tightens
AI Market Summary
LME copper hit a record $14,533/ton as mine supply forecasts were cut again, global output growth expectations remain low, and new project development is constrained by years of depressed capex. A weaker USD and structural demand from electrification, AI/data centres and defence spending reinforced the rally, while Middle East disruptions tightening sulfur inputs add downside risk to supply and support elevated near-term pricing tension.
Impact level
● High
Affected assets
NCCO724COPPER2USD/USDT+1.06%
AI Insight · NCCO724COPPER2USD/USDTAI Insight
▲ Bullish
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Copper on the London Metal Exchange hit a record $14,533 per metric ton, topping the prior peak of $14,527.50 set in January. Major producing countries have cut full-year output forecasts for a second straight quarter and now expect production to fall 2.6%. The International Copper Study Group sees global mine supply rising only 1.6% this year, while mining capital spending is down more than 40% from peak levels, limiting new projects. A weaker dollar and structural demand from electrification, AI and data centres have also supported prices.
