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In late December, copper futures surged over 3%, reaching approximately $5.70 per pound, marking a five-month high. This uptrend is driven by strong global demand coupled with supply constraints. Copper has greatly benefited from the global energy transition, resulting in a remarkable 42% increase for the year in New York. Further buoying prices was the recent depreciation of the US dollar, making raw materials more appealing to international buyers. However, looming reviews of US tariffs in 2026 present a potential risk for supply shortages worldwide. The structural demand for copper remains strong, fueled by long-term factors such as the proliferation of electric vehicles, renewable energy initiatives, expansion of power grids, and the development of AI infrastructure. In China, copper prices also rose by 2.7% to $14,090 per ton, as leading copper smelters refrained from setting first-quarter 2026 processing fee guidance. This hesitation reflects ongoing challenges with feedstock shortages and historically low processing charges.
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