Copper prices have surged to unprecedented levels, with Comex copper futures reaching between $6.53 and $6.69 per pound in mid-May. This record high is driven by a combination of supply disruptions and soaring demand. Year-to-date, copper has increased by over 10% to 15%, with a peak rally of nearly 40% in 2025. Supply constraints are exacerbated by mine disruptions and a shortage of sulfuric acid, crucial for processing about 20% of the world's copper. Demand for copper is fueled by three major trends: power grid upgrades, renewable energy expansion, and the growth of AI data centers, all requiring significant copper usage. China's reduced refined output and potential US tariffs on refined copper imports have further tightened the market, creating a price premium for Comex futures. This situation has led to increased interest in mining stocks and copper-linked ETFs, reflecting the strong structural demand for copper.