While gold and silver have dominated the headlines with their recent roller-coaster price moves, Copper—often referred to as "Dr. Copper"—is quietly becoming the most strategic asset in the US market. As of early February 2026, copper is trading near historic highs, driven by a "perfect storm" of high-tech demand and supply-side constraints.
Current Market Pulse: Record Highs and Futures
Today, copper futures in the US market (COMEX) are trading around $6.05 - $6.10 per pound. This represents a significant increase from previous months. In the global market (LME), prices are hovering near $12,500 - $13,000 per metric ton, with analysts from Citigroup and J.P. Morgan predicting a surge toward $15,000 later this year.
Why is Copper Surging in the US?
1. The AI Data Center Revolution
The rapid buildout of Artificial Intelligence (AI) infrastructure is the single biggest driver for copper in 2026. Hyperscale data centers require massive amounts of copper for power distribution, high-density cabling, and advanced cooling systems. An AI-ready data center can consume up to 3 to 10 times more copper than a traditional facility.
2. The EV and Renewable Energy Push
The "Green Revolution" continues to be a copper-intensive endeavor. Electric Vehicles (EVs) require roughly 4 times more copper than traditional internal combustion engine cars. With the US upgrading its national power grid to support renewable energy, the demand for copper wiring is hit an all-time high.
3. Supply Deficits and "Tariff Fever"
The US market is facing a structural refined copper deficit of approximately 330,000 metric tons in 2026. This shortage is exacerbated by:
- Production Disruptions: Major mine accidents and force majeure events in Chile and Indonesia (Grasberg mine).
- Tariff Speculation: Reports of potential 15% to 25% tariffs on refined copper under the Trump administration have triggered a wave of "pre-emptive stockpiling," as companies rush to fill American warehouses before costs rise.
Investor Outlook: Is Copper the New Safe Haven?
Unlike gold, which is a psychological safe haven, copper is a fundamental necessity. Analysts believe that while the dollar's strength (the "Warsh Effect") may cause short-term dips, the long-term trend for copper remains bullish due to its irreplaceable role in the digital and green economy.
Technical Note: Copper is currently holding strong support at the $5.10 - $5.25 level. If the current momentum stays above $6.00, we could see a technical breakout that pushes the metal to unprecedented levels by the second quarter of 2026.