Mining stocks have struck gold. But it's another precious metal that's behind the strong gains.

Copper prices hit a record high Tuesday due to concerns over potential U.S. tariffs and supply problems amid insatiable demand for AI data-center infrastructure.

Front-month copper futures jumped 2.8% to $6.7800 per pound in New York trading, on track to surpass its previous record settlement price of $6.7095, according to Dow Jones Market Data.

The record prices further complicate things for investors, AJ Bell's head of markets, Dan Coatsworth said in a note Tuesday. "The threat of U.S. tariffs on refined copper adds to declining production and rampant demand linked to AI, power grids, and electric vehicles," he said.

While AI, power and EV companies may feel the pressure, the copper surge is a boon for miners.

Freeport-McMoRan stock surged 7.2% in early trading and is now up more than 50% in 2026. Brazilian miner Vale's American depositary receipts were up more than 3%. In London trading, Antofagasta shares jumped 5%, Glencore was up 4%, and Anglo American climbed 3.2%.

The Trump administration exempted refined copper from 50% import tariffs on semifinished copper products last year. The Commerce Department was directed to investigate whether refined copper should also be included but a final decision has yet to be made by the White House.

The expectation of further tariffs and the skyrocketing demand for a metal that's become critical to the AI buildout means copper prices look set to stay high for a while.