Copper Prices Approach $12,000 per Ton, Hitting 15-Year High

Deep News12-13

On December 12, international copper prices surged rapidly, reaching $11,952 per ton during trading and nearing the $12,000 threshold. This rally was driven by surging demand from AI data centers, constrained mining supply, and tight copper availability in the U.S.

Year-to-date, copper prices have climbed 35%, potentially marking the largest annual gain since 2009. Macquarie forecasts global copper demand to reach 27 million tons in 2024, up 2.7% year-on-year, with Chinese demand growing by 3.7%.

Analysts highlight that grid upgrades, renewable energy projects, and data center construction continue to elevate copper's strategic importance. Meanwhile, supply concerns have intensified due to mining accidents in Indonesia and production cuts by Glencore.

The market anticipates a copper supply deficit of 124,000 tons in 2024, widening to 150,000 tons in 2025. Concurrently, Comex copper inventories have risen from 20% at the start of the year to 61%, reflecting significant stockpiling activity in the U.S.

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