Copper Prices Hit Record High as AI Data Centre Demand Surges
Copper hit a new all-time high as AI data-centre buildouts strained electrification supply and pushed prices higher. Citi told clients to chase the rally, citing a structural deficit. Mining stocks and grid-equipment makers extended their gains alongside the metal.
Copper futures climbed to a new record on the London Metal Exchange this week as MarketWatch reported the surge is being driven by AI data-centre buildouts that require vast amounts of wiring, transformers and cooling capacity. Citi urged clients to "chase the move higher," warning of a structural supply deficit.
Analysts at Goldman Sachs and major commodity trader Trafigura have echoed the bullish call, citing constrained mine supply and aggressive grid investment from hyperscalers including Microsoft, Amazon and Google. Producers in Chile, Peru and Zambia have struggled to keep pace with demand.
The rally has lifted mining majors such as Freeport-McMoRan, Southern Copper and Antofagasta. Grid-equipment makers including Eaton, Schneider Electric and Siemens Energy have also gained as investors position for what they expect to be a multi-year electrification cycle linked to artificial intelligence.
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