Copper reaches new all-time high amid growing AI industry expansion

Copper futures have reached an all-time high of $6.82 per pound, underpinned by surging demand from artificial intelligence data centres and escalating supply-chain concerns linked to prospective US trade tariffs.

By Daniel Mejía

Copper futures set a record of $6.82 per pound, advancing by 2.10% amid high trading volume.
The rapid expansion of artificial intelligence (AI) data centres and associated electrical grid infrastructure continues to generate substantial demand for physical copper.
US buyers are stockpiling supplies from the Democratic Republic of Congo to mitigate risks ahead of potential US import tariffs.

Date: 8 September 2026

Is the AI industry driving copper to new record highs?

The copper futures contract (HGZ6) has achieved a record peak, closing at $6.82 per pound following a 2.10% daily gain.

Against this market backdrop, the industrial metal's appreciation is being propelled by a confluence of catalysts, chief among which are escalating demand from the AI sector and heightened trade policy anxieties.

On the one hand, the expansion of the AI industry is generating unprecedented copper consumption in data centres, which require significant volumes of the metal for internal electrical connections and cooling infrastructure. Furthermore, as the AI sector demands vast amounts of power to sustain its operations, the requisite expansion and reinforcement of electrical grid networks place copper—a primary conductor—at the core of energy infrastructure development.

On the other hand, trade policy uncertainty has induced notable inventory imbalances ahead of potential import tariffs under consideration by the US administration. According to a report by Reuters, US buyers have been increasing their needs of copper from the Democratic Republic of Congo to safeguard future production schedules should trade restrictions take effect.

In summary, while trade policy uncertainty has supported recent price gains, the AI industry's growing demand for data centres, power infrastructure, and grid expansion is emerging as a key structural driver of copper consumption, reinforcing the metal's long term bullish outlook.

Technical analysis of the copper futures contract

From a technical standpoint, the copper futures contract exhibits pronounced bullish momentum. A structural examination of the current market architecture highlights the following key dynamics:

Trend Context: Over the long term, the contract maintains a well-defined upward trajectory. Prices are trading comfortably above the 50-day, 100-day, and 200-day Simple Moving Averages (SMAs), reinforcing the dominance of the primary bull trend.
Resistance Levels: Should bullish momentum persist, the next prominent technical ceiling is located at the $7.20 mark—a major psychological barrier that coincides with the upper boundary of a long-term ascending channel. A decisive breakout above this zone could clear the path toward higher valuations in uncharted price territory.
Support Levels: Conversely, should the immediate short-term support at $6.70 fail to hold, subsequent technical floors sit at $6.38 and $6.03, corresponding to the current positions of the 100-period and 200-period SMAs, respectively. A sustained break beneath these levels would significantly elevate the probability of a broader market correction.
Momentum Indicators: Both the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) display positive trajectories, signalling that short-term upward price action may continue. Nevertheless, underlying fundamental drivers are expected to exert the primary influence over the future market direction.