By Ryan Dezember

Copper prices notched a new record high Monday, rising on strong demand for data-center construction, supply disruptions at one of the world's largest mines and surging input costs.

Copper futures for May delivery gained 2.6% to settle at $6.4135 a pound in New York, up 40% from a year ago. July futures, the most-traded contracts, climbed even higher, briefly eclipsing $6.50 a pound.

Wall Street forecasters are calling for a long-term increase in copper demand to enable artificial intelligence and electric vehicles around the world, which has sent prices higher in recent years.

More immediate concerns driving the current surge include a slower-than-expected return to full output at Freeport-McMoRan's Grasberg mine in Indonesia, where a fatal mudslide halted production in September. Also a worry: sky-high prices for sulfuric acid, a crucial input for many copper producers that could lead to curtailments.

War with Iran has cut off a big chunk of the world's supply of sulfur, which is burned to create the acid, at the Strait of Hormuz. Meanwhile, leading producer China, fearing shortages at home, has restricted exports starting this month, leaving miners who rely on Chinese supply to compete for other cargoes.

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(END) Dow Jones Newswires

May 11, 2026 15:45 ET (19:45 GMT)

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