New York —
Tightening global copper supply, robust demand from the AI boom and uncertainty over tariffs are all whipping up a frenzy for the red metal. It’s sending prices soaring to their highest levels ever.
Copper futures traded in New York settled at $6.89 per pound on Wednesday, their highest level on record. In London, copper futures – measured by the metric ton – are also at record highs.
Known for being highly conductive, copper has wide applications across electronics, housing and autos. The red metal is a critical part of industry and construction, and its ascent to record highs could send higher prices rippling through to businesses.
Copper prices fell 5% on Thursday, pulling back from record highs, but analysts say fundamentals are in place for higher prices. Copper prices are up more than 15% this year, outpacing gold, silver, bitcoin and the S&P 500. Over the past 12 months, copper prices are up 40%.
