Copper prices near record levels

Copper is still trading close to record territory after a violent start to 2026, with prices holding around $13,000 a tonne in April. (economictimes.indiatimes.com) (jpmorgan.com) The benchmark metal on the London Metal Exchange hit an intraday record above $14,500 a tonne in January 2026, according to the International Energy Agency. J.P. Morgan said prices were still around $13,000 a tonne by mid-April. (iea.org) (jpmorgan.com) That rally did not come from one trigger. The International Energy Agency tied it to mine disruptions, tariff uncertainty that pulled metal into the United States, and stronger expected demand from electrification and artificial intelligence. (iea.org) Copper sits inside power cables, transformers, motors, cooling systems and circuit connections, so demand rises when utilities build grids, automakers sell more electric vehicles and cloud companies expand data centres. The Economic Times said hyperscale data centres are adding demand for power distribution and cooling hardware. (economictimes.indiatimes.com) (iea.org) Supply has not kept pace. The International Copper Study Group said in October 2025 that world mine production was expected to grow 2.3% in 2026, while refined copper output was forecast to rise only 0.9%. (energia360.com.ar) The same group said 2025 mine growth had already been revised down to 1.4% after disruptions at Grasberg in Indonesia and Kamoa in the Democratic Republic of Congo. J.P. Morgan said Grasberg remained underutilized in April and Quebrada Blanca in Chile had also cut guidance. (energia360.com.ar) (jpmorgan.com) The United States has added another twist by attracting physical metal into Comex warehouses. Reuters reported Comex copper stocks reached a record 603,745 short tons, or 547,708 metric tons, on April 22 after the U.S.-London price gap reopened. (mining.com) That stock build does not mean the market is comfortable everywhere. J.P. Morgan said visible global inventories had risen to nearly 1.5 million tons in 2026, but it also said the U.S. was holding ample reserves while the broader market remained sensitive to slowing growth and geopolitical risk. (jpmorgan.com) The International Energy Agency put the longer-term squeeze in starker terms. It said copper could face a 30% supply deficit by 2035 because ore grades have fallen, project costs have risen and new mines are taking longer to build. (iea.org) For manufacturers, that keeps copper from being just a commodity chart. When the metal stays expensive, the pressure moves into wire, connectors, busbars, cooling equipment and other parts that show up in electronics and industrial bills of materials. (economictimes.indiatimes.com)