Copper hits record high on supply fears
Market hit by disruption to production and Donald Trump’s tariffs
Market hit by disruption to production and Donald Trump’s tariffs

Production hold-ups at large mines and fears about Trump tariffs have helped to fuel sharp rally since October

Industrial metal has passed $12,000 a tonne as rally continues

Analysts expect demand for industrial metal to outstrip mined supply by 2030s

Washington follows through with plans to impose 50% levies on some products

Data centres and green grids are heavy users of the red metal, but mine supply is stagnating and new discoveries are rare

Trump’s tariff war brings with it unpredictability and a consequent loss of confidence