Copper Prices Hit Record Highs as AI Demand Drives Real Economy Growth
Copper prices reached record highs on both the London Metal Exchange and Comex in September 2026, signaling strong demand driven by artificial intelligence infrastructure. The metal is essential for data centers due to its use in server racks, cooling systems, and power transmission lines. J.P. Morgan estimates that a single large AI center can require up to 50,000 metric tons of copper. Global manufacturing activity also supports the surge in demand; both the J.P. Morgan Global Manufacturing PMI and U.S. ISM index showed continued expansion for months. Copper mining stocks like Freeport-McMoRan and Southern Copper have outperformed broader market indices, with significant year-to-date gains observed. Supply constraints are exacerbating price pressures as Chile, the world's largest copper producer, reported a decline in output for two consecutive quarters.
Topics: AI data centers industrial demand metals