Copper prices could hit new highs as traders rush metal into the U.S.

Copper prices have soared this year, hitting multiple record highs, fueled by supply disruptions and as fears over U.S. tariffs have led to a surge in demand. The rally is set to continue into 2026. Citi analysts expect prices of the red metal to skyrocket on the back of stronger demand led by the energy transition and artificial intelligence sectors. Electrification, grid expansion and data-center build-outs require large amounts of the metal for wiring, power transmission and cooling infrastructure. According to Citi, projected copper deficits due to constrained mine supply, and continued "hoarding" of copper in the U.S. due to arbitrage opportunities are expected to contribute to price surges: "We expect the U.S. to hoard global copper inventory and, in a bull case, draw further on depl