Copper set a new all-time record on May 11, 2026, closing at $13,943 per metric ton on the London Metal Exchange and briefly touching $14,000 during intraday trading.
Two supply shocks drove the move together: fresh disruptions at the Freeport-McMoRan Grasberg complex in Indonesia, one of the world's largest copper mines, and a Chinese ban on sulphuric acid exports that tightened refining economics globally.
What happened
Grasberg has faced a series of operational setbacks in 2026 that cut into expected output from the underground block-cave transition. At the same time, China's sulphuric acid export ban removed a key input for copper smelters outside China, pushing treatment charges lower and making it more expensive to process concentrate. The dual supply squeeze arrived on top of a structurally tight market already under pressure from AI data-center buildouts and grid electrification demand.
Why it matters
Copper is the metal most tightly linked to the energy transition, AI infrastructure and industrial output. A record price signals that demand is outpacing mining supply even before most grid and data-center projects reach peak materials consumption. Sustained prices above $13,000 change the financial returns on copper projects and push project economics for new mines into viable territory.
Market impact
Freeport-McMoRan shares track copper closely, and FCX has outperformed the broader materials sector in 2026. The COPX copper miner ETF and SCCO have also rallied. The counterrisk is demand destruction: prices above $14,000 can slow industrial buyers and prompt substitution in less-critical uses.
Key numbers
- LME copper closing price: $13,943 per metric ton, May 11, 2026, a new all-time record, per OilPrice.com.