A Record High With a Different Driver
Copper has a nickname on Wall Street: Dr. Copper. The idea is that the metal’s price tends to know where the global economy is heading, because copper shows up everywhere, from wiring and phones to cars and buildings.
It also shows up in power lines, electric vehicles, and the data centers that run artificial intelligence. That last use is a big reason the metal is moving now.
The price pulled back by the close, but the record comes after a sustained rally that has pushed the metal higher for a while.
But the usual story does not fit this time. The record is not mainly about global growth; it is about tight supply, big spending on power grids, U.S. tariff uncertainty, and the push to run more things on electricity.
Supply Is the Main Story, Not Boom
Bank of America’s Michael Widmer said, “The move is supply-driven, with little mine output growth…
