2026.01.0505:53:56UTC+00Copper Marches Toward Record Highs

Copper futures surged past $5.8 per pound on Monday, edging closer to the record highs seen in July of last year. This increase is largely attributed to tightening global supply conditions as the new year unfolds. The possibility of US tariffs has led traders to redirect shipments towards the US, thereby reducing availability at key trading centers like London and Shanghai. Further propelling prices were supply disruptions due to a strike at Chile's Mantoverde mine, where union members are pushing for a larger share of profits amidst escalating metal prices. Additionally, traders evaluated the repercussions of the US action in Venezuela, leading to the arrest of President Nicolas Maduro, although Venezuela plays a minimal role in the global copper market. Copper experienced a remarkable gain of over 40% in the previous year, its most robust annual performance since 2009, fueled by supply shortages, strong demand, and increased trade-related uncertainties.