Copper is on track to hit its biggest annual climb in more than a decade as fears of a global shortage grow.
Copper’s value comes from its critical role in the energy transition: Powering EVs, the AI boom, and the shift from fossil fuels to renewables. In December, copper hit $12,000 per tonne, its highest rate since the 2009 financial crisis recovery.
A major catalyst for the metal’s price hike were US President Donald Trump’s tariffs, which triggered a rush of pre-emptive shipments and prompted energy groups to warn of an extreme shortage of the metal in the rest of the world in 2026. Supply disruptions are another worry, with major copper producers hit by mining accidents this year from Indonesia to the Democratic Republic of the Congo.
