Global copper prices hit record highs on data center construction and Trump tariffs
The rise in the price of copper continues in international markets, with prices reaching close to $13,000 per ton, a 40% increase since the beginning of the year, creating the conditions for further price increases in a wide range of industrial products.
The continued price increase is attributed to a number of factors, including expected US tariffs on copper products. This anticipation has led market participants to close contracts now, causing upward price trends.
At the same time, there is a continued and high demand for the metal, especially due to its use in energy transfer technologies and in the construction of artificial intelligence centers. Also, easier monetary policy tends to strengthen the prices of metals used in industry. The US Federal Reserve has begun to move towards an easier monetary policy, with markets expecting this to continue into 2026. Recently, temporary closures at some of the world's largest mines also contributed to the increase in prices.
The price of copper rose to a new record, near $13,000 a tonne, in volatile trading as the London Metal Exchange reopened after the Christmas break, extending a year-end rally fueled by concerns about tight supplies.
The latest surge marks a historic year for copper, which is on track for its best performance since 2009. Its rise has been marked by significant unplanned mine closures, uncertainty about U.S. President Donald Trump's trade policies and mounting pressure on refiners around the world.
Prices have risen sharply in December as investors bet that the surge in US copper imports in recent weeks, in light of potential import tariffs, will leave the rest of the world without sufficient supplies of the metal.
President Donald Trump is expected to decide whether to impose new tariffs on enriched copper imports by the middle of next year. That has prompted major traders to "pull" large quantities into the United States, reducing inventories in the rest of the world.
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