Copper Climbs Past Six Dollars as AI Grid Needs Meet Mine Disruptions

Data Center Demand Supercycle

Copper is increasingly viewed as a 'tech metal' rather than just an industrial commodity. High-density AI servers require vast amounts of copper for power distribution, pushing refined copper demand into a permanent structural deficit that current mine life extensions cannot resolve.

Supply Risks and Inventories

Worries about 2026 deficits have been exacerbated by a flow of metal to the U.S. ahead of potential tariff hikes, which is tightening supply in Asian and European hubs. A close below $5.90 ($13,000/mt) would be needed to signal a short-term trend reversal.