Copper prices surged on May 14 as LME futures reached $14,196.50 per ton. This price approaches the record high established in January. COMEX copper futures in the US market climbed to a new record high.
A deepening global supply crunch and a sulfur shortage from the Middle East drive the rally. This shortage threatens production at African mines. Sulfur is essential for processing approximately one-sixth of the world's copper.
Market tightness persists due to weak output from Chile and operational issues at major global mines. Long-term energy transition trends and rapid AI data center expansion sustain resilient demand.
Potential US tariffs on refined metal imports further amplified price gains. These expectations attract physical copper to the US market. This shift reduces available copper supplies in other global regions.