Driven by concerns about tightening supply in the new year and overall market risk appetite, copper prices have risen sharply and are approaching record highs. London's benchmark futures rose more than 3% to approach $13,000 per tonne. Fears that the US may impose tariffs have prompted traders to step up their shipping efforts to the US, thereby tightening the supply situation in other regions. Furthermore, the beginning of the strike at Chile's Mantoverde copper mine once again reminds the market that the supply side is still facing potential risks at a time when global demand is expanding. As a key metal in the energy transition and traditional uses, copper prices rose 42% cumulatively in 2025, the best annual performance since 2009. Meanwhile, the London spot price spread for three-month contracts continues to be in an obvious negative spread structure, indicating that short-term supply is tight.

Driven by concerns about tightening supply in the new year and overall market risk appetite, copper prices have risen sharply and are approaching record highs. London's benchmark futures rose more than 3% to approach $13,000 per tonne. Fears that the US may impose tariffs have prompted traders to step up their shipping efforts to the US, thereby tightening the supply situation in other regions. Furthermore, the beginning of the strike at Chile's Mantoverde copper mine once again reminds the market that the supply side is still facing potential risks at a time when global demand is expanding. As a key metal in the energy transition and traditional uses, copper prices rose 42% cumulatively in 2025, the best annual performance since 2009. Meanwhile, the London spot price spread for three-month contracts continues to be in an obvious negative spread structure, indicating that short-term supply is tight.