Copper Extends Rally to 5-Month High

2025-12-23 12:56 By Andre Joaquim 1 min. read

Copper futures in the US rose to $5.5 per pound in late December, the highest since the threat of tariffs on copper inputs by US President Trump lifted futures to a record high of $5.8 in July, amid persistent supply concerns.

The US President revisited earlier pledges to tariff key industrial metals and pledged to put duties on commodity-grade copper by next year.

Such measures would add to the current 50% tariffs on semi-finished copper goods, which triggered a selloff in US contracts after the unveiled measures excluded broader copper grades in cathodes, anodes, and concentrates.

Lower mined output also supported the rally this month.

Notably, Freeport-McMoRan's Grasberg mine in Indonesia, responsible for 3% of global supply, suspended operations after a fatal incident, while output may slow in Chile and Peru due to protests.

Consequently, Chilean state-miner Codelco offered record-high prices to Chinese buyers, forcing Chinese smelters to accept zero treatment charges next year.



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