Copper Faces Structural Deficit Amid Rising Demand

Copper prices rose into 2026 after a 41% 2025 rally to $5.6820 per pound and climbed above $6.00 in January as AI data centers, electric-vehicle scaling, and grid modernization boost demand. Major forecasters including J.P. Morgan project a roughly 330,000-ton refined copper shortfall in 2026 amid declining ore grades and multi-year mine development delays. Traders face heightened volatility from U.S. tariff measures and thin inventories.