Copper prices hit record highs.

On Tuesday, copper prices on the London exchange reached a record high of $12,159.5 per ton, up more than 35% year-to-date and now on track for its strongest annual gain since 2009. The main reasons are incidents at major copper mines in Indonesia, Congo, and Chile, causing a decline in global production, while demand from electrification and the AI industry continues to increase. In addition, warnings of US import tariffs on copper are also fueling stockpiling, leading to supply shortages. Morgan Stanley forecasts the copper market will face an expected deficit of up to 600,000 tons next year.

According to analysts at Citi Bank, the price of the red metal could continue to "climb sharply" thanks to the growing demand from the energy transition and the boom in artificial intelligence (AI). Electrification, grid expansion, and the construction of data centers all require large quantities of copper for wiring, power transmission, and cooling infrastructure.

Citi believes that a medium-term copper shortage – due to limited supply from mines – coupled with the continued "stockpiling" of copper by the US through arbitrage opportunities, is expected to be the main factor driving a sharp increase in the price of this metal.

This bank forecasts that copper prices could reach $13,000 per ton in early 2026 and even rise to $15,000 per ton in the second quarter of 2026.

Avatar Commodities CEO Andrew Glass predicts copper prices could reach "new record highs," especially as stockpiling in the US continues to deplete the supply of copper available on the international market.

Mr. Glass stated that the current surge in copper prices reflects an “unusual distortion” in the market, primarily driven by expectations of tariff impacts, rather than traditional supply and demand factors. He also noted that demand for copper from China – the world's largest consumer – has been disappointing in recent months.

ING's commodity strategist, Ewa Manthey, predicts copper prices will rise to $12,000 per ton by Q2 2026, while warning that higher copper prices will reduce profit margins in energy-intensive sectors.

Source: https://vtv.vn/gia-kim-loai-dong-dat-muc-ky-luc-100251224094326748.htm