Copper prices are now at their highest level on record. AI is only part of the story.

From morningstar.com

Sulfuric acid, a critical component in copper refining, has been in shorter supply lately because of the Iran war and shipping disruptions in the Strait of Hormuz. China also has placed restrictions on exports of the chemical - and both of those factors are likely increasing copper's production costs. "Copper prices stretching to all-time highs is an example of a perfect storm of structural supply-side issues," said John Caruso, senior market strategist at RJO Futures. He said declines in the concentration of copper extracted from rock and supply bottlenecks in the Persian Gulf also have been "colliding ... (full story)