# Copper futures notched a back-to-back record close on Tuesday.

*business · news · 2026-05-12 · CNBC*

## Key points

- Citi attributes recent copper price growth primarily to AI data center demand and energy transition.
- Citi strategist forecasts copper could reach $15,000 per metric ton, 7% above current levels.
- Strategic inventory stockpiling is emerging as a new channel for copper demand and price impact.
- Copper's move above $13,500 is seen as confirmation of a sustained structural and cyclical demand setup.
- Citi is positioning through an LME copper digital call option at 15,250 expiring August 5.

**Companies:** Citi
**Countries:** Iran, United Kingdom

[Read the full story on CNBC](https://www.cnbc.com/2026/05/12/this-metal-just-set-a-new-record-boosted-by-ai-data-center-demand.html)

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