Copper futures rose to around $5.5 per pound in late December, extending near a five-month high, as tight supply and robust US economic growth underpinned prices. The US economy expanded at its fastest pace in two years in Q3, boosted by consumer spending, exports, and industrial activity, supporting copper-intensive sectors. Supply pressures grew after years of underinvestment, mine outages, and China’s top smelters planning over a 10% output reduction in 2026 to address overcapacity. Trade uncertainty and US tariffs also prompted pre-emptive stockpiling, particularly for shipments to the US. Speculative flows were supported by a weaker US dollar and expectations of further Fed rate cuts. Structural demand remains strong, with EVs, renewable energy, power grids, and AI infrastructure driving long-term copper consumption. Broader base metals also reflect supply-side stress, with aluminum, zinc, and tin seeing significant annual gains, reinforcing market tightness for copper.

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