Copper Prices Near Record Highs in April Amid Global Market Optimism

Key Facts

Copper prices concluded April at $12,911 per metric ton, bolstered by a strategic pivot in Democratic Republic of Congo (DRC) mining toward copper following a slump in cobalt prices. The DRC has notably imposed cobalt export quotas of 96,600 tonnes per year, further incentivizing copper production. This supply-side shift coincides with surging demand from the AI and electrification sectors, which are facing persistent supply shortages. The industrial metal has surged approximately 17% from its March lows, supported by improved risk appetite following the US-Iran ceasefire. While resilient global manufacturing continues to provide a solid demand backdrop, analysts suggest much of the recent rally is already priced in. Market participants are now focused on whether these structural supply shifts can sustain the momentum toward new all-time highs.