Copper hits record $6.89 a pound as AI demand and tariff uncertainty fuel rally
AI Market Summary
Copper hit record highs as mine supply tightens (ICSG shows 1H26 output down 1.1%, Chile down 6.6%) while AI data-center buildouts add incremental demand. US tariff uncertainty is distorting flows via pre-buying and stockpiling, draining supply elsewhere and elevating volatility, even as refined copper remains in surplus. The setup supports firm near-term copper pricing and higher input-cost pressure across manufacturing.
Impact level
● High
Affected assets
NCCO724COPPER2USD/USDT-5.15%
AI Insight · NCCO724COPPER2USD/USDTAI Insight
▲ Bullish
Trade now
⚠️ AI-generated insights are based on news content and are provided for informational purposes only. They do not constitute investment advice or represent the views of BingX. Investing involves risk. Please trade responsibly.
New York copper futures settled at a record $6.89 a pound on Wednesday before sliding 5% on Thursday. Mine supply is tightening, with preliminary International Copper Study Group data showing global copper mine output fell 1.1% year over year in the first half of 2026, including a 6.6% drop in Chile. At the same time, demand is being boosted by the AI boom, while a 50% U.S. tariff on semifinished copper products is adding uncertainty. Copper is up more than 15% this year and has climbed 40% over the past 12 months.
