Overview
- Copper on the London Metal Exchange climbed to about $12,031.50 a tonne, extending a roughly 37% year‑to‑date surge.
- Market reports say traders are redirecting larger volumes to the United States to get ahead of potential tariffs under President Donald Trump.
- Deutsche Bank estimates output from the biggest miners will fall about 3% in 2025 and flags a clear market deficit with potential further declines in 2026.
- Prices have pushed higher even as underlying demand in China weakens, with analysts pointing to a softer dollar and potential Chinese stimulus as additional supports.
- Gold, silver and platinum also set records this week, helped by expectations of Federal Reserve rate cuts, geopolitical tensions, central‑bank buying and stronger ETF inflows.