LONDON, Dec 23 – Copper prices climbed to a fresh all-time high on Tuesday, crossing the $12,000-a-ton mark for the first time as mine outages and trade dislocations tied to US President Donald Trump’s tariff agenda tightened global supplies.
Benchmark copper on the London Metal Exchange rose as much as 0.9% to $12,031.50 a ton, extending a powerful rally that has lifted prices by roughly 37% so far this year. The metal is now on track for its strongest annual gain since 2009.
Market participants say the prospect of US tariffs on copper has been a key driver of the surge. Anticipation of trade barriers has triggered a sharp increase in US copper imports throughout the year, draining supply from global markets.
As more material is pulled into the United States, manufacturers in other regions have been forced into aggressive bidding to secure shipments, further pushing up prices.
The rally has been amplified by severe mine disruptions, which have constrained supply at a time when demand for copper remains strong due to its critical role in infrastructure, electrification, and energy transition projects.
Analysts say continued uncertainty around US trade policy and persistent supply tightness could keep copper prices elevated in the near term, adding cost pressures across manufacturing and construction sectors worldwide.
