Copper hits record $6.90 as AI infrastructure adds to demand outlook

Copper futures have surged to a new all-time high near $6.90 per pound, extending their gain to roughly 22% this year and 70% since January 2025.
AI infrastructure is becoming an increasingly important part of the demand thesis, with large data centers potentially consuming tens of thousands of tonnes of copper while new mine development can require well over a decade.
The widening gap between rapid infrastructure deployment and slow supply expansion is supporting the long-term copper thesis, although record prices and crowded positioning can increase volatility.