My copper prices surged again at the beginning of 2026, which surprised me greatly. On the first trading day of January, this "red metal" strengthened once more and recorded its largest annual increase since 2009. In fact, throughout 2025, copper prices increased by a total of 42%, which is no coincidence.

The main reason is a reduction in supply. According to my observations at the LME, traders were forced to deliver copper to the US more quickly due to mine disruptions and customs duties. As a result, market supply in other regions significantly decreased. Accidents at several mines in Indonesia, Chile, and the Democratic Republic of Congo in 2025 also limited production.

This rise in copper prices has left its mark not only on historical records but also on market dynamics. Among the six main industrial metals at the LME, copper showed the best performance. Besides increased capital flows due to customs duties, real supply issues also seem to be pushing prices higher. Therefore, I believe this increase in copper prices is not just temporary but a result of profound market changes.