2025, the year when copper prices set new records, will come to an end with market prices hitting $12,000 per ton.

The copper market is coming to an end of a year dominated by trade turmoil, tight supply, and optimistic expectations for long-term demand, with prices once again hitting record highs, approaching nearly $12,000 per ton. With only a few trading days left until the end of 2025 on the London Metal Exchange, copper prices are heading towards their largest annual rise since 2009. As a crucial metal for energy transition, copper prices have been steadily rising in recent months due to increasing concerns about further tightening global supply. The most direct driving factor is a large amount of copper flowing towards the United States - aiming to expedite shipments to avoid potential import tariffs - which could lead to supply shortages in other parts of the world. However, factors driving the increase of 36% so far this year also include unplanned mine shutdowns and market enthusiasm for the prospects of copper in the field of artificial intelligence infrastructure. Many bullish forecasts for 2026 have already emerged in the market. Citigroup forecasts that copper prices could rise to $13,000 per ton in the second quarter as various parties rush to ship copper to the United States. Goldman Sachs also stated last week that copper is the metal they are most optimistic about for next year. As of the time of writing, copper prices have risen by 0.7% to $11,966.50 per ton.