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

Copper is hitting record highs as global supply tightens, demand ramps up from the AI boom, and traders weigh shifting tariff risk. New York copper futures settled at $6.89 per pound on Wednesday, the highest level on record. In London, futures measured per metric ton are also at record levels. The metal’s broad use in electronics, housing and autos makes price swings relevant beyond commodities desks. Although copper fell 5% on Thursday from record levels, analysts say fundamentals still support higher prices. Copper is up over 15% in 2026 and about 40% over the past 12 months, outpacing gold, silver, bitcoin and the S&P 500.