Copper reached a record high Thursday as U.S. futures climbed to around $6.90 per pound before retreating at the close. This surge is driven by multiple factors: massive grid investments linked to artificial intelligence, supply constraints with mining disruptions in Chile, and uncertainty surrounding potential 50% U.S. tariffs on copper imports. China announced a $574 billion plan to upgrade its power grid, while the Democratic Republic of Congo banned exports of copper and cobalt concentrates. Unlike previous cycles, this price surge reflects specific demand for electrification and AI applications rather than broad global economic growth.
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