Overview
- London Metal Exchange prices climbed to as high as $12,282 a ton on Dec. 24, leaving copper up roughly 38–40% for the year and on course for the strongest annual rise since 2009.
- A string of mine disruptions in Indonesia, the Democratic Republic of Congo and Chile, combined with traders front‑running possible U.S. import duties, has redirected metal into American warehouses and tightened supply elsewhere.
- Forecasts point to ongoing shortfalls, with a Reuters survey estimating deficits of about 124,000 tons in 2025 and 150,000 tons in 2026, while Morgan Stanley projects a far steeper gap of roughly 600,000 tons next year.
- Major banks remain bullish longer term, with Goldman Sachs seeing 2026 consolidation around $11,400 a ton but sustained structural demand, and Citigroup outlining a bull‑case scenario that could reach $15,000.
- Market ripples are broadening as India’s Hindustan Copper hit a 15‑year high and local futures set records, with the company citing fast‑growing demand from AI data centers that can use roughly 28–30 tonnes each.