LME copper prices hit record US$14,708.50 per ton as AI data centre demand surges
Record high copper prices coincide with S&P Global estimates that each gigawatt of AI power requires massive copper infrastructure investment.
LME copper prices climbed to a record high of US$14,708.50 per ton this week as professional investors anticipate a new commodity supercycle driven by artificial intelligence. Comex prices also reached an all-time high of US$15,000 per ton on Wednesday, coinciding with the start of the Resources Rising Stars conference on Australia's Gold Coast. S&P Global estimates that every megawatt of power needed for greenfield AI data centres requires 44 tonnes of copper. The construction cost for a standard 230MW facility is roughly US$3 billion, representing approximately US$115 million in copper alone per project. Hedley Widdup of the Lion Selection Group stated that the impact of AI demand on copper producers is substantial. Experts suggest the mining cycle has moved into the boom phase based on this specific trajectory.
