Copper prices soar past $12,000 a ton, rising over 35% this year. US import tariffs threat, supply disruptions, and strong demand for electrification are driving prices. Market experts warn of a major deficit, with global copper market facing its most severe shortfall in over 20 years.

Mining companies lower production guidance, largest miners forecasted to see a 3% drop in output this year. Analysts predict a global deficit of 600,000 tons next year, worsening in the future. Citigroup suggests copper could hit $15,000 in a bull-case scenario, driven by a weakening dollar and interest rate cuts.

Goldman Sachs warns that surging prices are based on future market tightness rather than current supply and demand. Global copper stocks have risen, but much is stored in US warehouses, causing bidding wars for supplies. Manufacturers are concerned about stock coming out, but analysts believe it will erode gradually over time.

Copper settles at over $12,000 a ton on the LME, with nickel up 3% due to Indonesia’s proposal to cut nickel ore production in 2026. Other industrial metals show mixed performance. Market outlook remains uncertain, with analysts divided on future price trends.

Read more at Yahoo Finance: Copper Tops $12,000 as Mine Woes, Tariff Trade Tighten Supplies