Overview
- LME three-month copper rose as high as about $11,200 a ton, topping the May 2024 peak and trading near $11,191 in London.
- Glencore cut full-year output guidance after reporting lower nine-month production, adding to earlier reductions by Anglo American and to mine accidents in Chile and Indonesia.
- Traders point to a thaw in U.S.–China trade relations and an expected Fed rate cut this week, alongside power-hungry AI data centers and the energy transition, as demand tailwinds.
- The International Copper Study Group projects a 150,000-ton refined market deficit next year, while Panmure Liberum forecasts a small surplus of about 80,000 tons.
- Analysts warn gains could cool once catalysts are priced, citing stretched positioning, even as a weaker dollar and falling rates have helped lift prices about 27% this year.