economy
This metal just set a new record, boosted by AI data center demand. Citi says it’s time to 'chase the move higher'
Citigroup sees copper rising to $15,000 per metric ton, or approximately 7% above the metal's Tuesday close.
TL;DR
- Copper prices have hit new record highs, with futures settling above $6.50 per pound.
- Demand from artificial intelligence data centers is a primary driver of the price increase.
- Strategic inventory stockpiling is another identified channel for demand growth.
- Citi strategist Charlie Massy-Collier believes copper prices have further room to rise, targeting $15,000 per metric ton.
- The recent break above the $13,500 threshold is seen as confirmation of strong structural and cyclical demand.