Copper surged to a fresh record as fears over Donald Trump’s escalating tariff agenda triggered a global squeeze on supplies.
The industrial metal climbed as much as 4.3%, pushing through $13,000 a tonne for the first time on record. Concerns that US tariffs could soon be imposed have prompted traders to rush shipments into America, draining inventories elsewhere and tightening the market at pace.
According to Daniel Major, an analyst at UBS Group, the disruption has distorted what would otherwise have been a balanced market. “We estimate the global refined copper market was in surplus in 2025, but metal and inventory flows were distorted by US tariffs that resulted in a material lift in US imports,” he said.
Copper’s surge caps a standout year for the metal. Prices jumped 42% in 2025—its strongest annual performance since 2009—fuelled by demand linked to electrification, renewable energy and the push toward net-zero emissions.
Looking ahead, analysts warn the supply picture could tighten further. Wang Jiechao of China Securities said the global copper market is on track for a deficit of more than 100,000 tonnes in 2026. “Overall supply shortfalls, coupled with regional dislocation caused by US tariffs, are propelling copper,” he added, underscoring why the rally may still have room to run.
