Copper prices hit record high amid AI data center demand and supply disruptions.

Copper prices surged to a record high of $40.46 for the CPER ETF and over $6.60 per pound in futures, driven by booming demand for AI data center construction and tight global supply. Supply disruptions at Indonesia's Grasberg mine and declining inventories in China have intensified the market squeeze. China's export growth of clean-tech and industrial products requiring copper further tightens supply. The rally reflects strong momentum in copper markets, with expectations that supply challenges may persist until at least 2027 when Grasberg is expected to resume full production.