Copper Hit a Record High as Congo’s Export Ban Collided With AI Demand

Copper hit an all-time record of $14,455 a tonne on August 7, 2026, before easing to around $6.46 to $6.48 a pound by August 20 as Chile’s output forecast fell and Chinese demand softened. The wildcard is a Congo government order banning copper and cobalt concentrate exports, which has caught major miners including Glencore, CMOC, Zijin Mining and Ivanhoe Mines in a supply squeeze just as AI data centers and grid buildout drive demand higher.