(Dec 1): Copper advanced to a record high on the London Metal Exchange on fears the global market is heading for a supply crunch.
The metal rose as much as 0.9% to US$11,294.5 a tonne in London, while futures on the Comex in the US surged as much as 1.6%. A rush to get copper to America ahead of possible import tariffs looks set to exacerbate shortfalls elsewhere as miners struggle to keep up with demand.
The sharp moves higher came after a major copper conference in Shanghai last week that highlighted signs of supply stress following a year of unplanned mine disruptions. Smelters are facing tough talks with miners over annual ore supply, while yearly premiums spiked and major trader Mercuria Energy Group Ltd warned of metal shortages next yea
Many investors have been bullish on copper because of its essential role in electrification and the energy transition, and it’s now up nearly 30% this year on the LME, the global benchmark. The advance on the Comex on Monday carried it to the highest since July 30, just before prices collapsed in the wake of US President Donald Trump postponing a decision on metal tariffs to 2026.
Traders are again scrambling to get metal to the US, where prices remain higher than in London on expectations that Trump will impose import duties next year. Kostas Bintas, Mercuria’s high-profile head of metals, said more than half a million tons could arrive in the US in the first quarter of 2026.
Copper rose 0.5% to US$11,246.50 a tonne on the LME as of 12:24pm in Shanghai, following a 2.3% jump on Friday. It climbed 1% to US$5.327 a pound on the Comex. Other metals also rose, with aluminum up 0.5%.
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