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Copper hits fresh nominal record on AI demand and supply disruptions
National Bank of Canada notes copper is at a 15-year high in constant dollar terms and that tariff stockpiling plus supply disruptions are contributing to higher costs across power-grid and AI infrastructure buildouts.
Copper has reached a fresh nominal record, with National Bank of Canada analyst Kyle Dahms pointing to AI-related demand for data centres and ongoing expansion of electricity grids as key drivers, FXStreet reports.
The bank also links the move to tariff-driven stockpiling and supply disruptions, which it says are adding pressure on copper availability.
In constant dollar terms, Dahms says copper is at a 15-year high and nearing its 2011 peak, a level that raises costs for power grids, AI infrastructure and broader electrification projects.
FXStreet adds that Dahms highlights an additional supply-chain link via sulphur, where shipments through the Strait have been curtailed, pushing sulphur prices to more than twice their start-of-year level, which matters to copper processing through sulphuric acid.
Latest closeCopper $6.857 ▲1.8%