Copper Prices Reach Record Levels Amid 2040 Shortage Forecasts
Copper futures hit a record $6.87 per pound on COMEX and $14,800 per metric ton on LME, up ~19% from the start of 2026. Analysts cite a projected 42‑million‑ton demand by 2040, declining ore grades, and electrification/AI infrastructure as key drivers. Supply constraints, sulfuric acid shortages, and potential U.S. tariffs add upward pressure, while a U.S. tariff rollback or AI slowdown could reverse gains.
Copper futures hit a record $6.87 per pound on COMEX and $14,800 per metric ton on LME, up ~19% from the start of 2026. Analysts cite a projected 42‑million‑ton demand by 2040, declining ore grades, and electrification/AI infrastructure as key drivers. Supply constraints, sulfuric acid shortages, and potential U.S. tariffs add upward pressure, while a U.S. tariff rollback or AI slowdown could reverse gains.
Short‑term, copper will likely remain at elevated levels as buyers stockpile ahead of possible tariffs and the 2040 shortage outlook. Medium‑term, sustained demand from electrification and data centers could keep prices above 2025 averages, but financing constraints may delay new mine development, tightening supply further. A sudden tariff reversal or geopolitical easing could trigger a price correction.