Copper prices have shown remarkable volatility, hitting an all-time high of $14,500 per metric tonne in February 2026, before correcting to a range of $12,700–$13,000. This surge is fueled by a boom in artificial intelligence infrastructure, particularly in hyperscale data centers, and the global shift towards electrification and renewable energy. The demand for copper is further intensified by geopolitical factors, including trade tariffs and military procurement, which have created supply constraints. Currently, the global refined copper market is facing a shortfall estimated between 330,000–400,000 tonnes for 2026, exacerbated by smelting bottlenecks, especially in China. While military demand may decrease if tensions in West Asia ease, industrial consumption is expected to rise, keeping overall demand elevated. Analysts predict that unless significant investments are made in mining and production, the copper deficit could worsen. Despite short-term fluctuations, the long-term outlook for copper remains bullish, driven by sustained demand from AI, electric vehicles, and renewable energy initiatives.