Copper has broken records this year and AI data centers are the reason the rally isn't done
Copper surged to $14,527 per metric ton in early 2026 and Citi is forecasting $15,000 within a year, driven by AI data center construction that requires up to 50,000 metric tons of copper per facility. With global mine output falling at Chile's largest operations and new greenfield supply requiring prices above $20,000 to justify, the structural deficit is deepening faster than the market can respond.