Supply & Demand Drive Copper Prices Higher

From late 2025 to May 11, 2026, copper prices trended upward with repeated record highs.

At end2025, SHFE copper stood at ~100,000 yuan/ton and LME copper at ~$12,500/ton; on May 11, 2026, SHFE copper reached 104,320 yuan/ton and LME copper topped $13,200/ton.

The rally is driven by mine shortages, smelting cuts, and historically low global inventories, coupled with

explosive demand from new energy (EVs, PV, AI data centers) and power grid investment, as well as a weaker US dollar and rising geopolitical risks.