Global copper-mine output dropped 1.1% during the first half of 2026, according to the International Copper Study Group. This contraction coincides with an aggressive expansion of AI data centers and electrical infrastructure, both of which rely heavily on the metal. ANZ Research analysts further noted that trade policy concerns, specifically the potential for new U.S. import taxes on refined copper, have redirected supply chains and distorted market equilibrium.

Beijing’s decision to inject 360 billion yuan—roughly $53.64 billion—into its banking and insurance sectors provided additional market fuel. Naeem Aslam of Zaye Capital Markets suggests this liquidity could bolster manufacturing and power grid investment, though he warns that high prices might eventually alienate marginal buyers. On the London Metal Exchange, three-month copper futures reached $14,617.00 per ton before settling at $14,600.00.

Domestic miners responded sharply to the price rally. Jiangxi Copper saw shares climb 5.3% in Shanghai and 4.7% in Hong Kong, while Zijin Mining Group posted gains of 2.95% and 2.65% in those respective markets. Tongling Nonferrous Metals Group mirrored the trend, rising 3.3%.