Copper prices approach record highs amid AI and energy demand

Global copper prices are hovering near record levels, supported by demand from artificial intelligence infrastructure, data centers, and energy investments. While international prices have recently maintained levels above $14,000, market participants are closely monitoring supply and demand indicators.

In China, the world’s largest consumer, demand signals appear weak. The Yangshan copper premium has dropped to its lowest level since July 20, and stocks on the Shanghai Futures Exchange have increased to over 70,000 tons. Meanwhile, concerns regarding supply from the Democratic Republic of the Congo have eased, as Goldman Sachs suggests that recent export regulations are likely a reflection of existing trade policies rather than a radical shift in global supply.

In Turkey, the surge in global markets has significantly impacted the local scrap metal industry. The price for stripped copper has risen to between 500 and 550 lira per kilogram, compared to 380–430 lira last year. In the iron ore market, industrial action at BHP operations in Port Hedland, Australia, has occurred, though prices remain largely flat due to weak economic data and deflationary trends in China.