LME copper has experienced four major price cycles since 2010, driven by Chinese infrastructure investment, the energy transition, US-China trade tensions and mine supply disruptions. Copper is often called "Dr Copper" because its price is a reliable barometer of global economic health.
Four Copper Cycles Since 2010
| Period | Trough | Peak | Primary Driver |
|---|---|---|---|
| 2009–2011 | $3,000/t (2009) | $10,148/t (Feb 2011) | Chinese stimulus — largest in history |
| 2011–2020 | $4,318/t (Jan 2016) | $6,300/t (2018) | China slowdown, bear market |
| 2020–2022 | $4,617/t (Mar 2020) | $10,730/t (Mar 2022) | COVID recovery + green transition |
| 2022–2026 | $6,955/t (Jul 2022) | $11,000/t (May 2024) | AI data centers + EV demand |
The EV and AI Demand Revolution
Electric vehicles use 3–4x more copper than conventional cars. AI data centers require enormous copper for power and cooling infrastructure. These structural demand drivers support prices at historically elevated levels.
Current Status
LME copper at $12,043/tonne — above the Signycle SELL threshold of $9,000/t. The 2026 IMF average has been $9,461/tonne. Anglo American, Glencore and KGHM are all in SELL territory on this signal.