Global copper prices are nearing $12,000 per ton as data centers’ demand for AI soars, compounded by limited mining output and a shortage of metal outside the U.S., according to market data reported by Reuters. 
Photo: ITHome Since the beginning of the year, copper has risen by 35% and is experiencing its strongest growth since 2009. On Friday, prices reached $11,952 per ton. Analysts indicate that the rapid development of AI infrastructure, energy grid upgrades, electric vehicles, and green energy projects are key drivers, with copper being critically important due to its high electrical conductivity.
Experts estimate that in 2025, the copper market will face a deficit of about 124,000 tons, and in 2026, the gap between supply and demand could increase to 150,000 tons. Investment bank Macquarie projects global demand to reach 27 million tons this year, with China’s consumption increasing by 3.7% and approximately 3% outside its borders next year. The situation is exacerbated by production disruptions, including a mine accident at Grasberg in Indonesia and reduced production forecasts by major players like Glencore.
Addition pressure stems from the active reorientation of copper supplies to the U.S.: traders aim to exploit higher prices on Comex (a leading U.S. futures and options exchange for precious and industrial metals) and avoid potential import tariffs. Consequently, copper stocks on Comex have increased to 405.8 thousand tons, representing 61% of all global exchange reserves compared to 20% in early 2025.
