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Copper prices hit a record on Wednesday as disruptions at several of the world’s biggest mines deepened concerns of a supply shortage.
The London benchmark price of the industrial metal, which is used in sectors from construction to electric vehicles, rose 1 per cent to $11,137 a tonne, surpassing a previous record of $11,104 set in May 2024.
A combination of Donald Trump’s tariffs on the metal and production curbs at some of the world’s biggest mines has powered a rally in copper.
Analysts at Jefferies said on Sunday that recent copper production had been hit by “operational challenges at some major mines,” noting that there would be “sizeable deficits in the copper market” over the coming year.
Several shocks have hit copper supply this year, with American producer Freeport-McMoRan saying this month that production at its mine in Indonesia remains suspended.
Chilean miner Antofagasta said this month that production this year would be at the lower end of its previous forecast, and released disappointing projections for next year.
The copper market has also faced disruption this year from US import tariffs imposed by the Donald Trump’s administration.
