Copper recorded its largest annual gain since 2009, driven by supply constraints and anticipation of increased demand related to electrification, according to a Fortune report. The metal's price on the London Metal Exchange (LME) rallied 42% this year, making it the top performer among the exchange's six industrial metals.
Prices experienced a slight dip of 1.1% on Wednesday, the final trading day of 2025. Recent price increases have also been attributed to traders accelerating copper shipments to the United States in anticipation of potential tariffs. This surge in shipments has created supply tightness in other regions.
The prospect of the U.S. revisiting tariffs on primary copper in 2026, a plan initially proposed by Trump, has reignited arbitrage trading, further limiting copper availability despite softened demand in China, a major consumer. This price disparity had recently narrowed following a robust December rally on the LME.
Natalie Scott-Gray, senior metals analyst at StoneX Financial Ltd., noted that expectations of future U.S. import tariffs on refined copper have led to over 650,000 tons of the metal entering the country, creating supply constraints outside the U.S. She added that two-thirds of global visible stocks are now held within the United States.
The surge in copper prices reflects a broader trend of increasing demand for metals crucial in the transition to renewable energy and electric vehicles. Copper's conductivity makes it essential for wiring, electric motors, and charging infrastructure. The anticipated growth in these sectors has fueled expectations of sustained demand growth, outpacing current production capacity.
Analysts are closely monitoring global copper inventories and production levels to assess the potential for further price volatility. The impact of U.S. tariff policies and Chinese demand will continue to be key factors influencing the copper market in the coming year.
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