On May 11, 2026, the Peruvian government officially issued an energy emergency decree, authorizing the state-owned oil company Petroperú to raise $2 billion in state-guaranteed loans to address the company’s severe financial crisis and prevent the interruption of domestic fuel supply. As the world’s second-largest copper exporter, Peru accounts for about 10% of global copper supply and is also an important exporter of silver, zinc and other minerals. This energy crisis has caused Peru’s domestic mines and smelters to face the dual dilemma of gas and electricity shortages, leading to a sharp drop in operating rates and a surge in logistics costs, further exacerbating the tight global copper supply pattern. At present, the global copper market has shown a trend of “rigid supply constraints and structural demand growth”. The copper demand brought by AI data centers and the new energy industry continues to explode. The market expects that if Peru’s energy crisis is difficult to ease in the short term, the LME copper price is expected to break through $15,000 per ton.