Copper prices near record high as supply constraints tighten

Copper prices are trading near record highs, driven by persistent supply constraints and robust demand linked to global electrification and artificial intelligence infrastructure. The metal is currently hovering just below its all-time high set earlier this year on the London Metal Exchange, with prices around $14,000 per ton.

Analysts point to a weaker-than-expected supply recovery as a primary driver of the market's strength. Major operational disruptions at two of the world's largest copper mines are limiting global output. In Indonesia, the Grasberg mine continues to recover from a significant underground flood in late 2025, while the Kamoa-Kakula operation in the Democratic Republic of Congo has revised its production guidance downward following seismic disruptions. Neither mine is expected to return to full capacity before 2028.

This supply shortfall is tightening the global market balance. Goldman Sachs analysts noted that stronger-than-expected copper imports into the United States during the first half of 2026 are exacerbating the supply deficit outside the U.S. The bank has consequently raised its year-end price forecast. Citigroup has issued an even more aggressive...