One week view

Six-month view

I’m saying copper is the other carbon prices because it is a proxy for future electricity demand. Electricity can be generated from clean sources.

Record? ChatGPT unchecked

Yes — copper is effectively at or extremely close to record highs right now, depending on which exchange and contract you look at.

• COMEX copper futures in New York have traded around $6.60–$6.65 per pound, which multiple market reports describe as fresh all-time highs this week.  
• On the London Metal Exchange (LME), copper recently traded above $14,000 per tonne, still just below the intraday record above $14,500 set earlier in 2026.  

The rally is being driven by several overlapping factors:

• Strong demand from AI infrastructure and data centres
• Electrification demand (EVs, grids, renewables)
• Tight mine supply and refinery bottlenecks
• Disruptions tied to Indonesia’s Grasberg mine
• A shortage of sulphuric acid used in copper processing
• Low Chinese inventories  

A lot of analysts now describe copper as one of the key “strategic metals” of the AI/electrification era — similar to how oil was treated in earlier industrial cycles.