Copper prices spiked on Monday to a record just shy of $13,000 a tonne as the London market raced to catch up with gains in China and the US while it was closed on Friday.
LME copper has climbed by 41% this year, fuelled by worries about shortages and also supported by a weak dollar and strong gains in other financial markets.
Benchmark three-month copper on the London Metal Exchange (LME) rocketed by 6.6% to a record $12,960 a tonne in Asian trading but pared gains to $12,269.50, up 0.9%, in official open-outcry trading.
Copper on the Shanghai Futures Exchange (SHFE) and the US Comex market hit record highs on Friday while the LME was closed for Britain’s Boxing Day holiday.
“Comex led on Boxing Day,” said Robert Montefusco at broker Sucden Financial.
US Comex copper futures jumped to $5.8395/lb on Friday, surpassing a record touched on July 23 when the planned date for US tariffs approached, but on Monday slid 4.2% to $5.597.
While the imposition of US tariffs did not affect refined copper, the decision will be revisited next year, prompting a fresh flow of copper to the US to take advantage of higher prices there.
The stockpile of copper in the US has tightened markets elsewhere, while mine disruptions have caused many analysts to forecast deficits next year.
The gains in metals were also helped by wider risk-on sentiment, with global equities on track to end 2025 at record highs and oil prices also on the rise.
The most active copper contract on SHFE touched a record peak of 102,660 yuan a tonne, closing daytime trading up 0.8% at 98,860 yuan ($14,105.33).
Supporting gains on SHFE was news on Friday that China would rein in copper capacity growth in the next five-year plan.
Among other metals, LME aluminium dipped 0.1% in official activity to $2,957.50 a tonne, zinc lost 0.2% to $3,086, tin slipped 0.5% to $42,600 while lead rose 0.2% to $1,998 and nickel gained 1.7% to $16,050, its strongest since April.
Update: December 29 2025
This report has been updated with the latest prices.
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