Major trading companies expect copper to reach $12,000 per ton this year - FT

Due to increasing global demand and the threat of trade tariffs from U.S. President Donald Trump, some of the world's largest trading companies believe copper prices could reach new records of $12,000 per ton or higher this year. At the Financial Times Commodity Summit held today in Lausanne, trading firms Mercuria and Trafigura, along with Frontier Commodities hedge fund, expressed their expectations for a sharp rise in prices on the London Metal Exchange.

The London copper price reached nearly $11,000 per ton in May 2024, setting a record. After declining towards the end of last year, prices rebounded in 2025 and are currently trading around $10,000. Mercuria's Global Head of Metals and Minerals, Kostas Bintas, anticipates prices above $12,000, noting a "tightness" in the copper market, with around 400,000 to 500,000 tons currently en route to the U.S.