Copper hit a record high on COMEX on August 12, with the London Metal Exchange front-month spread widening to a $370-per-tonne premium, the widest since 2021, and inventories falling for 42 consecutive days. Freeport-McMoRan, the largest US copper producer, saw first-half net income surge 65% year over year, driven by higher metal prices. A single one-gigawatt AI data center requires approximately 50,000 tonnes of copper, creating structural demand that is expected to keep the market in deficit. Analysts maintain a Strong Buy rating with an average 12-month price target of $75.33, representing roughly 13% upside from current levels, while Barclays and Stifel raised their targets to $82 and $80 respectively.
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