By Alexander Miller, consultant in energy and commodities markets – Eurasia Business News, December 29, 2025. Article no 1958
On 29 December, copper prices hit a new record in London while retreating in U.S. trading the same day. London futures on the LME briefly neared 13,000 dollars a ton before easing, whereas U.S. futures fell back after testing record levels above 5.8 dollars per pound.
London: new record high
Three‑month copper on the London Metal Exchange jumped to an intraday peak of about 12,960 dollars per metric ton, the highest level ever recorded for the contract.
Prices later settled near 12,222 dollars per ton, still a record closing high and roughly 40 percent higher than at the start of 2025.
U.S.: prices fall
U.S. copper futures around 29 December fell roughly 4–5 percent on the day to about 5.5 dollars per pound after briefly trading near 5.8–5.86 dollars per pound earlier in the session.
This drop reflected profit‑taking and concerns the rally had overshot fundamentals, even though prices remained up more than 35 percent compared with a year earlier.
Key drivers
Anticipation of possible U.S. tariffs on refined copper under President Trump encouraged front‑loaded shipments into the U.S., tightening availability elsewhere and helping push LME prices to records even as U.S. futures corrected.
Tight mine supply, disruptions at major producers, and strong expected demand from electrification, EVs, and AI‑related data‑center build‑out underpinned the spike in London prices.
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© Copyright 2025 – Eurasia Business News. Article no. 1958
Eurasia Business News 