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Copper prices surged to record levels on Thursday, extending a powerful rally across global metals markets as investors increased exposure to physical assets amid escalating geopolitical risks and ongoing supply concerns. The red metal outperformed as market participants rotated from gold and silver, which have already posted strong gains this year.
The most-active copper contract on the Shanghai Futures Exchange jumped more than 6%, reaching 108,740 yuan per metric ton, after touching an all-time high of 109,570 yuan earlier in the session. Meanwhile, the benchmark three-month copper contract on the London Metal Exchange climbed over 6.6% to trade near $13,953 per ton, also setting a fresh historical record. So far this year, Shanghai copper prices have risen nearly 9%, while London copper has gained more than 11%, building on an already strong rally seen throughout 2025.
The latest surge has been driven by tightening global supply, mine disruptions, and regional dislocations, compounded by concerns over potential U.S. tariff measures. Traders also noted that investors are increasingly shifting funds from precious metals into industrial commodities like copper, viewing them as attractive inflation hedges and physical assets during periods of uncertainty.
Geopolitical tensions further boosted sentiment after U.S. President Donald Trump warned of possible military action against Iran if negotiations over nuclear weapons fail. This prompted a renewed rush into commodities, following record-setting moves in gold and silver earlier in the week. At the same time, the U.S. dollar remained weak after the Federal Reserve kept interest rates unchanged, making dollar-denominated commodities more affordable for global buyers and supporting additional demand.
Despite the strong price action, spot demand in China, the world’s largest copper consumer, remained subdued. The Yangshan copper premium, a key indicator of Chinese import demand, slipped to $20 per ton, its lowest level since July 2024.
Other base metals also posted solid gains. Aluminium prices rose sharply on both Shanghai and London exchanges, while zinc, lead, nickel, and tin all advanced, reflecting broad-based strength across the metals complex as investors continue to favor hard assets in an uncertain global environment.
