Copper plate prices rebounded in China and the US, supported by AI infrastructure, energy transition demand, and policy measures, while supply constraints and shifting global dynamics reinforce a bullish long term outlook.
In mid-November, copper plate prices in China rebounded, even as the broader base metals market remained relatively stable. The movement in copper plate was driven by fundamental factors beyond simple supply–demand imbalances. The operating rate of copper plate enterprises in October 2025 stood at about 65%, down one percentage point from a month earlier. With the surge in copper prices seen last week, the availability of recycled copper raw materials was on the increase, further broadening the price gap between primary copper and scrap. Several copper plate producers adjusted their production schedules for November due to weaker order volumes from October. Meanwhile, the International Copper Study Group, in its October report, lowered its forecasts of global copper mine production growth and said there would be a supply deficit of around 150,000 metric tons in the copper market by 2026.
On the demand side, the market transformation of the copper plate is advancing; on the basis of expectations of a blowout in AI computing infrastructure, optimism about future copper plate consumption continues to be high. AI servers use several times more copper than conventional servers, driving strong share price increases for listed companies in the copper processing sector during the second half of the year. But actual AI applications are still using limited quantities of copper, and there has been a contrast between projections and reality with respect to demand. As for the peak season for demand from copper plate, sheet, and strip, demand fell short, boosting competition among producers. The depressed market is due not only to expensive copper but also to anemic demand from traditional downstream sectors such as home appliances, hardware, consumer goods, and apparel accessories.
In the week ended November 7, copper plate prices gained 1% under ex Qingdao terms. The operating rate of copper plate, sheet and strip producers is expected to recover in November, which indicates better utilization in the industry. Supported by macroeconomic stabilization measures that continue to be carried out in China and targeted industrial policies on slashing overcapacity in copper smelting with the purpose of decreasing "internal competition," a sound basis has been set to support copper plate prices in the future.
In the United States, copper plate prices climbed by 1%, tracking rising demand from both AI computing infrastructure and the broader Electrical and Electronics Industry. On the raw material side, Freeport McMoRan reported stronger than expected third quarter earnings, as elevated copper prices helped offset reduced output following the suspension of operations at its flagship Grasberg mine. Looking ahead, Freeport projects that copper and gold production in 2026 will remain broadly in line with 2025 levels, providing stability to the supply outlook that underpins copper plate market dynamics.
On the demand side, the consumption of copper plate is growing, as energy transition sectors like electric vehicles, solar, and wind power accelerate along with the traditional industries. Copper Plate plays a very important role in the AI infrastructure due to its high electrical and thermal conductivity in power distribution, in cooling systems, and in high-performance computing components. While Virginia's well-known "data center alley" faces various hurdles to growth, Pennsylvania positions itself as a strong competitor in the race for AI data center leadership. The state has announced an ambitious $70 billion initiative to attract large-scale investments in an effort to reshape its economic landscape and, by implication, further reinforce potential demand for copper plate.
The long-term outlook for copper plate remains bullish, supported by accelerating demand for copper through the global energy transition. Optimism over copper plate demand in the US continues to build, driven by supply imbalances and a growing requirement for copper in renewable energy and green infrastructure projects.
