Copper is on track for its biggest annual price rise in more than a decade, driven by supply disruptions, a weakening U.S. dollar, improving expectations for Chinese economic growth — and blockbuster spending on artificial intelligence.
Analysts say the red metal’s rally could continue next year, particularly amid supply fears and a rapidly expanding global data center footprint.
Three-month copper prices on the London Metal Exchange (LME) traded up 1.5% at $12,405 per metric ton on Tuesday, paring recent gains after notching a record high of $12,960 in the previous session.
The benchmark contract, which is up around 41% this year, is on pace for its best year since 2009, when it gained over 140% as countries emerged from the global financial crisis.
In New York, copper prices have soared more than 40% since the start of 2025, also putting it on track for its biggest annual jump since 2009, when the contract rose 137.3%.
