Copper price hits record $13,000/t as rally continues

Copper prices set a new record on 6 January, with the LME cash copper price reaching almost $13,300/t, having pushed above $13,000/t for the first time in history on Monday 5 January 2026. As recently as 15 December, prices had not yet broken $12,000/t, underscoring the speed and scale of the latest increase.

Copper has continued to notch repeated all-time highs in recent weeks, with prices now up 16% since the start of December, when the market was already trading close to its previous record. Year-on-year, copper is up almost 50%, pushing the market into territory that many participants had not anticipated so soon.

What is driving the copper price rally?

Market narratives centre on growing policy uncertainty under President Donald Trump’s over potential copper tariffs. This uncertainty pulled copper into the US and created fears of tightness elsewhere.

Operational issues at major mines including Kamoa Kakula in the DRC, Grasberg in Indonesia, and El Teniente in Chile have added supply disruptions on top of the fears of tightness.

At the same time, sentiment around copper’s long-term role in the energy transition and digital infrastructure build-out has increased general bullishness. Copper’s linkage to AI-related data centre demand and electrification themes is drawing in new capital, with many market participants pointing to increased activity from funds, rather than physical market interest, as key price drivers.

Outside interest has also been buoyed by increased media coverage and discussions surrounding copper.

Some traders and end-users remain sceptical that current price levels are fully justified by fundamentals. For now, however, this caution has done little to slow the bullish momentum driving copper to successive record highs.

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