FX.co ★ Copper Hits Fresh Record

By the end of December, copper futures soared to an unprecedented $5.8 per pound, driven by constrained global supplies and a weakening US dollar. On the London Metal Exchange, futures reached $12,960 per ton, reflecting the robust upward trends seen in Shanghai and New York markets. This surge was part of a broader rally in precious metals, with significant gains in gold, silver, and platinum, marking the end of a tumultuous year characterized by supply disruptions, geopolitical uncertainties, and volatile market conditions. The long-term outlook for copper demand remains strong, bolstered by the global shift toward cleaner energy, with New York's prices showing an approximate 42% increase over the year. Issues related to US tariffs and ongoing metal inflows into American warehouses have heightened supply pressures, while the recent decline in the dollar's value has increased the appeal of commodities to buyers. US-based mining companies such as Freeport-McMoRan, Southern Copper, and BHP experienced gains from this rally, closing higher in the trading session on Friday.