Copper prices have surged to a fresh two-week peak, trading near **$13,195** per metric ton on the London Metal Exchange (LME) as of February 25, 2026. This recovery follows a volatile period where the metal retreated from its January all-time high of **$14,527**. The primary driver for this bullish momentum is a significant shift in trade policy. Market sentiment has brightened following a U.S. Supreme Court ruling that struck down sweeping reciprocal tariffs. This legal development has eased fears of a localized supply glut in the U.S. and improved the outlook for global trade flow. Demand is currently anchored by the return of Chinese industrial buyers. Following the Lunar New Year holiday, the Yangshan copper premium—a key indicator of Chinese import appetite—jumped **60%** to reach **$53** per ton. This signals an immediate need for physical material despite a seasonal rise in local inventories. The "AI Metals Frenzy" continues to redefine the long-term floor for copper. New data suggests a single hyperscale AI data center can require up to **50,000 tons** of copper, which is nearly ten times the requirement of conventional facilities. This structural demand is competing with the needs of the global energy transition. Supply-side constraints remain a persistent concern. Mine production growth for 2026 has been revised downward to **2.2%** from previous estimates of **2.8%**. Declining ore grades in major producing regions like Chile are forcing miners to process more material for lower yields, supporting the case for sustained high prices. While global exchange stocks have reached their highest levels since early 2025, exceeding **243,000 tonnes** on the LME, the market is viewing this as a temporary buffer rather than a sign of oversupply. Analysts maintain a constructive outlook, with price targets for the second quarter focusing on the **$13,500** to **$14,000** range. Traders are now closely watching U.S. manufacturing data and upcoming earnings from major technology firms to gauge the pace of infrastructure spending. Copper’s role as an economic barometer remains intact, with its current trajectory reflecting a mix of industrial recovery and strategic stockpiling.