Copper just hit a fresh record on the London Metal Exchange. But exploration spending for the red metal in Australia has plunged since September 2023.

Copper hit an all-time LME high of $14,527.50 per metric ton in January 2026, driven by US tariff fears, record imports, and mine supply

Copper prices hit a record high as concerns over shortages outside the US boosted buying, while a weaker dollar supported metals. LME copper touched $14,533 a metric ton,…