Copper Prices Rise on Renewed AI Optimism

Copper futures climbed toward $6.55 per pound on Tuesday, recovering from multi-week lows as Anthropic’s IPO filing reignited investor enthusiasm for the artificial intelligence trade. Copper remains essential to the global AI expansion due to its widespread use in data centers and power infrastructure. Investors are also awaiting earnings reports this week from South Korean chipmakers Samsung and SK Hynix, as well as major US technology firms, including Amazon, Alphabet, and Microsoft, for further insight into the outlook for AI-driven demand. Meanwhile, copper prices hit record highs last month as traders diverted shipments to US warehouses ahead of potential tariffs, tightening supplies in other major markets. However, uncertainty has increased over whether the US will impose tariffs on refined copper imports before the midterm elections, as global supply conditions tighten and inflationary pressures remain elevated.

Copper futures held below $6.5 per pound on Monday, trading near multi-week lows as persistent concerns over the artificial intelligence sector dampened risk appetite for the industrial metal. Copper plays a critical role in the global AI expansion given its use in data centers and power infrastructure. Investors are now awaiting earnings reports from megacap tech companies for further signals on the outlook for the AI trade. Prices have also come under pressure amid doubts that the US will end up imposing levies on refined copper imports ahead of the midterm elections, as global supply tightens and inflationary pressures remain elevated. Copper prices reached record highs last month after traders redirected shipments to US warehouses in anticipation of potential tariffs, limiting availability in other major markets. Meanwhile, supply concerns persist as widespread labor strikes at major mining companies, driven by ongoing labor disputes, threaten to disrupt production.

Copper decreased to 6.35 USD/Lbs, the lowest since September 2026. Over the past 4 weeks, Copper lost 4.69%, and in the last 12 months, it increased 25.5%.