Copper Price Hits $13,000 as Global Supply Tightens

The copper price hits $13,000 for the first time in London trading history.
The London Metal Exchange recorded the milestone amid strong speculative momentum.
As a result, copper extended last year’s powerful rally into 2026.

Benchmark LME futures surged more than 4% before easing toward $12,500 per ton.
Meanwhile, copper delivered its strongest annual performance since 2009.
The metal gained over 43% last year, leading all industrial metals.

Copper Price Hits $13,000 Amid Mine Disruptions

Supply disruptions continue to underpin the copper market.
Major mines face operational challenges across key producing regions.
Grasberg in Indonesia and Kamoa-Kakula in the Democratic Republic of the Congo remain under pressure.

Chile added fresh uncertainty following a strike at the Mantoverde mine.
According to Marex, the work stoppage encouraged speculative inflows.
Traders now expect further upside during early 2026.

Years of underinvestment also constrain future copper output.
ING analysts warn that the market lacks supply buffers.
Consequently, even minor disruptions now trigger sharp price responses.

Tariff Risks Deepen Copper Market Tightness

US tariff uncertainty continues to distort global copper flows.
Traders increased shipments to the United States to avoid potential levies.
As a result, inventories outside the US declined further.

UBS estimates the US holds nearly half of global copper inventories.
However, the country accounts for less than 10% of global demand.
This imbalance heightens supply risks in Europe and Asia.

The LME cash-to-three-month spread remains in backwardation.
That structure signals near-term physical tightness.
China Securities expects a global copper deficit exceeding 100,000 tons in 2026.

SuperMetalPrice Commentary:

The copper price hits $13,000 reflects more than speculative enthusiasm.
Structural supply risks, tariff uncertainty, and energy transition demand now converge.
Looking ahead, sustained deficits could reset long-term copper price expectations.
Producers and consumers should prepare for extended volatility across base metals.