Copper sets new record on London Metal Exchange

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Copper prices have once again reached a new all-time high on the London Metal Exchange (LME) amid fears of a shortage of this metal.

Copper futures on the LME rose by 1.8 percent on Friday, reaching $11,650 per ton. In earlier trading, prices had climbed to $11,662 per ton, which is a new record.

Copper stocks in warehouses monitored by the LME have been declining since July, reaching their lowest level, which is attributed to strong US demand for copper amid concerns over tariffs on non-ferrous metal imports expected in 2026.

Analysts at Citi believe that rising demand in the US could push copper prices to an average of $13,000 per ton in the second quarter of next year.

Citi noted in a statement that they are confident that copper’s growth potential will be maintained throughout 2026, due to a number of factors, including increasingly positive fundamental and macroeconomic indicators.

Since the beginning of the year, copper prices on the LME have risen by more than 30 percent.