Copper futures climbed to $5.8 per pound by the end of December, hitting new record levels on tight global supplies and a softer US dollar. London Metal Exchange futures reached $12,960 a ton, tracking strong gains in Shanghai and New York. The rally coincided with broad gains across precious metals, as gold, silver, and platinum also surged, capping a year marked by supply disruptions, geopolitical uncertainty, and market volatility. Copper demand is expected to stay strong long-term due to the global energy transition, with New York prices up roughly 42% for the year. Earlier tariff concerns in the US and continued metal inflows into American warehouses have added to supply pressures, while the recent dollar weakness has made commodities more attractive to buyers. US miners including Freeport-McMoRan, Southern Copper, and BHP benefited from the rally, closing higher in Friday’s session.
