Quick overview

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Copper continued a strong rally after breaking through $13,000 per ton for the first time as investors wagered on a tighter market.

Three-month futures reached a record $13,387 per ton on Tuesday, up 3.1 percent from Monday’s peak. Holdings have moved to the US due to worries that the Trump administration might impose a tariff on refined metal, which could leave the rest of the world short. In the past, inventories served as a buffer, but they are currently locked in the United States.

Base metals have had a very successful start to 2026 with the LMEX Index, which tracks the six major metals, including copper, rising to its highest level since the sector’s peak in March 2022.

Aluminum has surged to its highest level in over three years, while the red metal, which is used in wires and cables, has now gained more than 20% since late November. In the first half of last year, President Donald Trump encouraged a rush to ship copper to the US.

However, after deciding to exempt refined metal from tariffs, there was a pause. In recent months, the trade has resurfaced as local prices have once again traded at a premium due to a plan to revisit the issue of levies. December saw the largest increase in US copper imports since July.