$14,708 record high for LME copper prices as AI data centers drive demand surge
LME and Comex copper prices hit unprecedented levels this week. Experts attribute the boom to massive artificial intelligence infrastructure expansion.
Global commodity markets reacted to a new supercycle narrative driven by artificial intelligence technology. Copper reached historic highs on Wednesday, with London Metal Exchange (LME) prices climbing to US$14,708.50 per tonne and Comex prices scaling US$15,000 per tonne for the first time. The surge reflects the growing requirement for copper in AI hyper-scale data center construction. S&P Global estimates that building a single greenfield training data center requires approximately 44 tonnes of copper per megawatt of power capacity. This infrastructure demand accounts for roughly US$115 million out of the estimated three billion dollars needed to construct a standard 230MW facility. Mining experts attending the Resources Rising Stars conference on the Gold Coast confirmed the trend is real and impactful. Hedley Widdup, an expert from Lion Selection Group, described the situation as huge for copper producers, noting that his industry cycle indicator recently showed early boom conditions at seven o'clock.
