The AI boom and tariff uncertainty are pushing copper prices to record highs

Copper prices are surging to record highs as tighter global supply meets strong demand from the AI boom, while tariff uncertainty adds volatility. On Wednesday, copper futures on the New York market settled at $6.89 per pound, the highest level ever. London-traded futures, quoted in metric tons, are also at record levels. Copper’s role across electronics, housing and autos makes the rally significant for industrial and construction costs. Prices slipped 5% on Thursday after topping records, but analysts say the underlying drivers still favor higher levels. In 2026 so far, copper is up more than 15%, and roughly 40% over the past year, beating gold, silver, bitcoin and the S&P 500.