"Copper had its best year since 2009, fueled by near-term supply tightness and bets that demand for the metal key in electrification will outpace production. The red metal has notched a series of all-time highs in an end-of-year surge, rallying 42% on the London Metal Exchange this year. That makes it the best performer of the six industrial metals on the bourse. Prices dipped 1.1% Wednesday, the last trading day of 2025."
"Beyond the tariff-driven flows, a deadly accident at the world's second-largest copper mine in Indonesia, an underground flood in the Democratic Republic of Congo and a fatal rock blast at a mine in Chile have all added more strain to availability of the metal. The near-term outlook for copper demand growth has been clouded by weakness in China, the world's top consumer of the red metal."
Copper rallied 42% on the London Metal Exchange in 2025, becoming the top-performing industrial metal and hitting multiple record highs before a 1.1% year-end dip. Traders rushed shipments to the US ahead of potential import tariffs, sending over 650,000 tons stateside and concentrating two-thirds of visible global stocks on COMEX, producing ex‑US tightness. Mine accidents in Indonesia, the DRC and Chile further strained availability. Short-term demand faces headwinds from China’s property downturn and weak consumer spending. Long-term demand momentum from electrification remains strong, with BloombergNEF forecasting consumption growth of more than a third by 2035.
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