Europe Asia News

On the London Metal Exchange, copper futures rose to $12,960 per tonne, tracking strong gains in Shanghai and New York. Prices have surged by more than 15% in December alone.

Pressure increased due to unplanned mine disruptions, including Freeport-McMoRan’s declaration of force majeure at its Grasberg mine in Indonesia and a cut to its 2026 production target.

Expectations that the U.S. will impose tariffs on refined copper also prompted traders to ship large volumes of copper into U.S. warehouses, reducing inventories elsewhere.

Supported by the global energy transition, long-term copper demand remains strong. Market watchers say ongoing supply constraints, potential Fed rate cuts, and structural demand from renewable energy projects will keep copper in focus in early 2026.

Copper is used as a conductor of heat and electricity in construction materials, in the composition of various metal alloys, in jewelry-making (such as sterling silver), in cupronickel marine equipment and coin production, and in constantan strain gauges and temperature-measuring thermocouples.