(Dec 23): Copper hit a fresh all-time high above US$12,000 a ton as severe mine outages and trade dislocations linked to US President Donald Trump’s tariff agenda put the crucial industrial metal on course for its biggest annual gain since 2009. Prices rose as much as 0.9% to US$12,031.50 a ton on the London Metal Exchange, extending a rally that has lifted prices by about 37% this year. The impact on global trade flows has been so extreme that prices have rallied even though underlying usage has deteriorated rapidly in China, which consumes about half the world’s copper. Investors often view copper as a barometer for global industrial activity, but the slowdown in China has done little to put the brakes on the rally. Even so, copper remains its top pick in industrial metal markets, and the firm in mid December upgraded its price forecast for next year to US$11,400 a ton.

Source: The Edge Markets December 23, 2025 11:37 UTC