According to PANews, copper prices have risen over 30% in 2025, reaching a historic high of over $12,000 per ton in December, marking the largest annual increase since 2009. Analysts anticipate that the global shift towards renewable energy, electrification, and the construction of AI data centers will continue to drive copper demand, potentially maintaining strong prices into 2026.
Natalie Scott-Gray, a senior metals demand analyst at StoneX, suggests that high copper prices may lead manufacturers to seek alternatives, potentially suppressing demand in non-essential sectors. Alastair Munro, a basic metals strategist at Marex, notes that the market widely expects a structural copper shortage to emerge starting in 2026.
Additionally, U.S. tariff policies have resulted in a significant influx of copper, causing Comex inventories to reach record highs, while European LME inventories have fallen below 20,000 tons, creating regional supply and demand tensions. Albert Mackenzie, an analyst at Benchmark Mineral Intelligence, believes the surge in U.S. inventories has sparked concerns over supply. Alice Fox, a strategist at Macquarie Group, predicts that copper prices will remain elevated in 2026.
Previously, London copper prices surpassed $12,000 per ton, setting a new record high.