Copper Approaches Record High

Copper futures in the US rose to over $6.1 per pound on Wednesday, the highest the highest since reaching a record-close of $6.2 on January 29th as energy prices sank and improved the outlook on demand for manufacturing. The US stated it submitted a memorandum to end the war with Iran and threatened new attacks should peace not be accepted. The US added that it will facilitate energy supply through the Hormuz chokepoint immediately should the agreement be reached. The conflict had also disrupted inputs for copper giants since March. Top producer Chile faces supply risks as the conflict disrupted sulphur flows to China, prompting Beijing to curb exports of sulphuric acid, an input critical to nearly half of Chile’s copper refining capacity. On top of that, major tech companies continued to sign agreements that exponentially increase datacenter construction, supporting the outlook for copper due to its utility in electrification and grid technology.

Copper increased to 6.12 USD/Lbs, the highest since January 2026. Over the past 4 weeks, Copper gained 10.38%, and in the last 12 months, it increased 33.31%.

Copper futures rose above $6 per pound on Wednesday, advancing for a second straight session as improving sentiment around a potential US-Iran agreement supported broader gains across the metals complex. The US reaffirmed its ceasefire with Iran, confirmed that offensive operations have ended, and temporarily paused efforts to assist stranded vessels exiting the Strait of Hormuz to allow time for renewed negotiations. Oil prices fell sharply, easing inflation concerns and reducing expectations that central banks may need to raise interest rates. Copper was also supported by supply-side risks, as disruptions linked to the Middle East conflict affected sulfur flows to China, prompting Beijing to restrict exports of sulphuric acid, an input crucial to nearly half of Chile’s copper refining capacity. On the demand side, continued investment by major technology companies in large-scale data center buildouts is reinforcing longer-term demand expectations for copper.