Global copper prices reach an all-time high
Copper quotes on the London Metal Exchange have hit a historical record. Analysts attribute the trend to rising demand in the energy sector and declining warehouse stocks in China.
Abdulrahman Sadikhli2 min read
Global copper prices have reached an all-time high, climbing to $14,617 per tonne. As of 11:45 Moscow time, three-month futures on the London Metal Exchange (LME) were trading at $14,584 per tonne, showing a 0.5% increase. Since the beginning of the year, the metal's value has risen by nearly 17%.
The current price dynamic is driven by expectations of U.S. tariffs on refined copper imports. Simultaneously, a long-term imbalance persists in the market: limited mining production volumes are failing to keep pace with growing demand from data centers, renewable energy equipment manufacturers, and the power grid sector.
The situation in the Chinese market is also contributing to the metal's appreciation. Inventories at the Shanghai Futures Exchange have dropped to their lowest levels since 2024. Jia Zheng, a trading manager at Suzhou Chuangyuan Harmony-Win Capital Management, predicts that copper prices could reach $15,000 per tonne in the future.
According to forecasts by the analytical company Euler, published in November 2025, the copper deficit in the global market will intensify between 2025 and 2029. It is expected that in 2026, the average price of the metal could rise by 24% compared to 2025 levels.
Experts project global copper demand to grow by 5% to 16.6 million tonnes in 2025 and by 10% to 18.3 million tonnes in 2026. The primary drivers of consumption remain investments in China's power grids and the construction of solar and wind power plants worldwide.
Source: vedomosti.ru
