Copper hits new peak of $14,533/metric ton. Can its reddish glow brighten even further?
Data center and AI demand pushed copper to a record $14,533 per ton, while miners Southern Copper and Freeport-McMoRan also surged.
- Copper touched an all-time high of $14,533 per ton on the LME on Tuesday, with data center demand driving the surge. Social Capital founder Chamath Palihapitiya linked the record to AGI's rapid arrival.
- Global copper demand will likely climb 50% by 2040 as data centers increasingly consume electricity. The U.S. Geological Survey designated Copper a Critical Mineral in November 2025 to support this structural shift.
- Copper miners Southern Copper and Freeport-McMoRan surged 109% and 64% respectively over the past year, significantly outpacing NVIDIA's 34% gain. Both extended gains as the LME record was set.
- Shares of Southern Copper rose 4.9% on Tuesday, while Freeport-McMoRan added 5.3%. Chairman German Larrea described the performance as "another exceptional quarter, registering record-breaking results in sales, adjusted EBITDA."
- Freeport-McMoRan targets innovative leaching growth of roughly 800 million pounds per year by 2030, while Southern Copper maintains a $20.5 billion capital investment program for the decade including Peru projects.
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13 Articles
Copper prices have hit an all-time high due to demand for AI infrastructure investment, declining mining production, and regional inventory imbalances stemming from the possibility of U.S. tariffs. Data center and power grid construction are emerging as new long-term sources of copper demand, serving as indicators of the global economy.
Up 109% in a Year, the Best AI Trade Isn't a Chip Stock at All
On Sunday afternoon, All-In co-host and Social Capital founder Chamath Palihapitiya posted two things minutes apart. First, a declaration: “It has arrived. The next 18mo will be wild.” Then, a quote-post about a copper price record. The juxtaposition was the trade thesis. Copper on the LME had just touched $14,533 per ton, an all-time high […]
The price of copper at the metal exchange LME has reached a record high. The scarce supply outside the USA drives the price of the industrial metal. But that is not the only reason.
Copper hits all-time high at $14,533, up 16% in 2026: Why falling inventories could drive prices higher
Copper hits a record $14,533, gaining 16% in 2026. Falling inventories, supply constraints and robust demand could support further gains, keeping investors focused on the metal’s outlook.
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