Copper has experienced a slight 2% jump, reversing the sharp decline from Friday as traders shifted back to the idea that the market may tighten in 2026. The price of the metal on the London Metal Exchange hit $11,656.50 per ton during midday trading in Shanghai after it crashed by 3% in the previous session.
The drop came at a time when tech stocks linked to artificial intelligence collapsed on Wall Street, dragging the entire demand outlook with them. However, the rebound today came fast, and it landed with force. The metal briefly touched a record near $12,000 per ton before the selloff hit. Zinc gained 1.1%, while aluminum added 0.4%.
Copper on the rise as analysts issue warnings
Since the beginning of the year, Copper has climbed more than 30%. Mine problems cut supply, and traders have been moving huge shipments into the United States ahead of possible tariffs under President Donald Trump’s 2025 trade posture. Investment in green energy and power grids has also built expectations for stronger long-term demand.
Citi analysts said the metal may face major shortages because of tight mine supply and continued “hoarding” inside the United States. Citi said, “We expect the U.S. to hoard global copper inventory and, in a bull case, draw further on depleted ex-U.S. stock,” adding that prices may hit $13,000 per ton in early 2026 and even $15,000 by the second quarter next year.
Avatar Commodities CEO Andrew Glass said the setup points to “stratospheric new highs,” driven by U.S. stockpiling that is reducing supply outside the country. Glass said the rally reflects a “highly irregular distortion” fueled mainly by tariff concerns, not regular supply-and-demand flows, and added that Chinese demand has stayed weak.
ING strategist Ewa Manthey said prices could reach $12,000 per ton next year and warned that higher prices will hit margins in energy-heavy industries. Spot prices hit $11,816 per ton on Friday, while 3-month LME futures closed at $11,515, lifting global benchmarks by about 36% this year and 9% over the past month.
Copper‘s rally has been mostly triggered by global concerns that Trump will add duties on refined Copper imports from 2027, so now buyers are rushing shipments into the U.S. Data from StoneX showed U.S. inflows jumping by roughly 650,000 tons this year, lifting inventories to about 750,000 tons.
