Copper futures have broken above $6.60 per pound, setting fresh record highs as a weakening US dollar and surging demand from AI data centers converge to create a supply squeeze that shows no signs of easing.
A year ago, copper was trading around $4.10 per pound. That means the metal has climbed roughly 60% in twelve months.
AI’s insatiable appetite for copper
Every data center sprouting up to train and run AI models requires massive amounts of the metal for wiring, transformers, power delivery systems, and cooling infrastructure.
Goldman Sachs has projected a 165% increase in data center power demand by 2030. That figure alone would be enough to tighten copper markets significantly, but it arrives against a backdrop of supply constraints that were already squeezing inventories before the AI boom kicked into high gear.
