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Copper Hits Record $6.58 a Pound as Supply Tightens and Data Center Demand Rises

The metal is up 75% since October 2023 and more than 40% over 12 months, with the move linked to tight supply, lower inventories in China, and stronger demand for data center construction.

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Fact Check
The primary source is the @KobeissiLetter X post (2026-05-12), which matches the claim verbatim. The $6.58/lb record price is independently corroborated by Barron's and InsiderFinance as the all-time high first set on January 29, 2026, and the Kobeissi post indicates copper has reached or retested that level on May 12, 2026. The stated drivers (tight supply, declining Chinese inventories, data center demand) are consistent with reporting from InsiderFinance and Barron's. The 75% gain since October 2023 and 40%+ over 12 months are plausible given the ~46.6% YoY figure documented at the January 2026 peak; the slightly higher 12-month figure in the claim may reflect a different measurement window or a new high being set. A small residual uncertainty remains because the 75% figure from October 2023 and the precise 40%+ 12-month figure have not been independently verified by a non-social-media source, but all other elements are strongly corroborated.
Summary

Copper has climbed to a record $6.58 per pound, extending a sharp rally that has lifted prices 75% since October 2023 and more than 40% over the past 12 months. The move is attributed to tight supply conditions, declining inventories in China, and increasing demand tied to data center construction. The source also cites supply disruptions, but does not specify the affected site or producer. Copper is widely watched across financial markets because it is a key industrial metal used in power systems, construction, electronics, and large-scale computing infrastructure, making price moves a closely followed signal of supply-demand stress.

Terms & Concepts
  • Inventories: Stored supplies of a commodity held in warehouses or supply chains; falling inventories can signal tighter market availability and support higher prices.
  • Supply disruptions: Unexpected interruptions to mining, transport, or processing that reduce available output and can push commodity prices higher.
  • Data center construction: Building facilities that house computing servers and networking equipment; this activity can increase demand for metals such as copper used in power and cooling systems.