Copper prices climbed to a fresh all-time high on Tuesday, extending a strong rally driven by tightening supply conditions and rising expectations for long-term demand.
Benchmark three-month copper futures on the London Metal Exchange rose about 1% to roughly $12,040 per metric ton, marking the first time prices have moved above the $12,000 level.
The surge comes as supply disruptions continue to limit the availability of refined copper, tightening the global market. Prices have also been supported by uncertainty surrounding potential U.S. tariffs on imported refined metal, which have raised concerns about future trade flows and costs.
At the same time, investors are increasingly positioning for sustained demand growth. Copper is seen as a key beneficiary of global electrification trends, as well as rising infrastructure investment linked to artificial intelligence data centers and energy systems.
Widely used in electrical wiring, construction, and industrial manufacturing, copper plays a central role in technological development and the global energy transition. These structural demand drivers are reinforcing the metal’s bullish outlook as markets anticipate continued pressure on supply.
