Copper Prices Surge Suddenly! Massive Shipments to the US! Global Inventories Urgently Depleted

According to CCTV Finance and multiple foreign media reports, amid tightening global 铜 supply and concerns over potential U.S. tariffs, London Metal Exchange (LME) copper prices briefly hit an all-time high of $11,540 per ton on December 3rd (local time), with international copper prices continuing to refresh historical records. Industry insiders indicate that this round of price surge is driven by multiple factors:

Firstly, tightening global 铜 supply has boosted prices. Affected by a mine collapse in Chile, Glencore, a global mining and commodities giant, recently announced it would cut its copper production capacity this year to 850,000-875,000 tons—nearly 40% lower than 2018 levels—while also revising down its 2026 copper output forecast.

Secondly, the market widely expects the Trump administration to impose additional tariffs on copper next year. Analysts note that to avoid tariffs, a large volume of metals including copper has recently been shipped to the U.S., and global copper inventories may soon drop to critically low levels.

Finally, strong global demand for copper—such as the explosive growth in demand driven by power grid and electricity infrastructure upgrades—has also contributed to the price surge. It is reported that recent data from the International Energy Agency (IEA) shows that even with high production, the global 铜 supply gap will still reach 20% by 2035. Goldman Sachs recently released a report predicting that copper prices will enter a new high-price trading phase starting next year.

According to China Business Network, the sharp rise in 铜 prices has directly impacted processing enterprises, which are facing profit squeezes from rising procurement costs and low volatility in processing fees, potentially leading to a decline in operating rates. “The significant drop in domestic copper import profits may further reduce copper supply. Sustained price increases have raised enterprises’ procurement costs, and with falling processing fees, the operating rates of these processing enterprises may decline further,” said Fu Xiaoyan, Senior Director of Nanhua Futures Research Institute. From the weekly operating rate forecast, the probability of a decline in brass rod and copper strip enterprises’ operating rates has increased.

For downstream enterprises, Cheng Xiaoyong, Assistant General Manager and Director of the Research Institute at Huawen Futures, believes that traditional copper-consuming industries such as cables and home appliances are under significant cost pressure, facing strong terminal sales pressure and squeezed profits. In addition, new energy vehicles, batteries, and photovoltaic sectors—already impacted by “price wars”—are bearing heavy cost pressures from rising 铜 prices.