Copper prices surge past $13,000 a ton for the first time, reaching a record high of $13,387.50 in London. Inventory volumes in the US have increased due to expectations of tariffs, leaving the rest of the world potentially short as miners struggle to boost output.

Base metals, including copper, have seen a strong start in 2026, with a gain of over 20% since late November. President Trump’s trade policies have influenced copper import trends, with a rush to ship copper to the US causing local prices to trade at a premium.

Equity markets rally as investors focus on technology and AI shares, fueled by a weakening dollar. The debasement trade attracts investors to commodities like copper. Optimism about demand in high-growth sectors like renewable energy and data centers drives bullish calls on copper’s future.

The Department of Commerce to update on US copper markets by June, with a decision on tariffs expected. Copper stored in the US has increased significantly, while other metrics point to a tightening market. Production halts and supply chain disruptions contribute to copper’s record-setting rally.

Goldman Sachs remains positive on copper pricing due to limited supply growth. Copper trades at $13,100 a ton in London, with nickel and tin also showing gains. The geopolitical backdrop and supply chain disruptions contribute to copper’s strong performance in the market.

Read more at Yahoo Finance: Copper Surges to Fresh Record as Inventories ‘Locked in the US’