Copper Hits Record $6.90 a Pound After DRC Export Ban Tightens Supply

3 articles · Updated · CNBC · Aug 6

$6.90 a pound marked a record for U.S. copper futures on Thursday after the Democratic Republic of Congo banned copper and cobalt concentrate exports, though prices later retreated by the close.
The rally reflected tighter supply more than a broad growth rebound: weak mine expansion, weather disruptions in Chile, China's scrap crackdown and possible U.S. Section 232 tariffs have all squeezed availability.
Demand has stayed firm, but analysts said it is increasingly tied to electrification and AI-linked grid buildouts rather than traditional economic strength; China's grid investment rose 13% in the first half.
That mix of supply shocks and targeted power demand is making copper's old role as 'Dr. Copper'—a clean signal of global growth—harder to interpret.

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Copper Futures Hit Record High After DRC Export Ban Amid Supply Constraints and Electrification Demand

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The Democratic Republic of Congo has banned exports of copper and cobalt concentrates, marking a major step in its push to process more of its mineral wealth domestically instead of exporting raw

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The Democratic Republic of Congo has banned the export of copper and cobalt concentrates to encourage more local processing and retain a greater share of its mineral wealth. Congo is the world's

With extreme weather and export bans choking supply, will the death of 'Dr. Copper' signal a terrifying new era of resource scarcity?

Could the explosive growth of AI data centers trigger a catastrophic global copper shortage that halts technological progress?

2026 Copper Crisis: DRC Export Ban, Chemical Shortages, and the New Era of Resource Nationalism

Overview

In August 2026, the DRC's sudden ban on copper and cobalt concentrate exports triggered a historic surge in global copper prices and exposed severe vulnerabilities in the supply chain. This policy shock caused LME copper inventories to plunge to less than a day's consumption, forcing the market into backwardation and sending mining equities soaring. At the same time, war in Iran closed the Strait of Hormuz, trapping a quarter of global sulfur supply and driving sulfuric acid prices up by over 50%. These compounding shocks pushed up battery material costs and forced producers worldwide to confront structural deficits, highlighting the fragility of critical mineral supply chains amid rising global demand.

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