What's Fueling Copper Above $14,000? JPM Breaks It Down

Copper has been climbing from its March lows and is now up 13% year to date, with London prices breaking above $14,000 per ton on Tuesday.

This move appears to be driven by several factors: recovering Chinese demand, tightening inventories, sulfur shortages in the Middle East that threaten parts of the supply chain, and renewed interest in the AI infrastructure trade, where copper is increasingly seen as essential for electrification, grid expansion, and data center buildouts.