Bloomberg <\/p>\n
(Bloomberg) — Copper surged to a record in Shanghai and rallied in New York, adding to substantial annual gains as investors bet on tighter global supplies in 2026, while also pricing in the impact of a weaker US dollar.<\/p>\n
In China, prices gained as much as 4.7% to trade near 100,000 yuan ($14,270) a ton on the Shanghai Futures Exchange for the first time. Futures traded on the Comex in New York climbed as much as 5.6% to $5.8075 a pound, the highest intraday level since an unprecedented short squeeze in July. Benchmark trading on the London Metal Exchange will reopen on Monday after the Christmas break.<\/p>\n
Most Read from Bloomberg<\/p>\n
Copper\u2019s latest leg-up on Friday came as precious metals also bolted higher, with gold, silver and platinum all surging to record highs in a powerful end-of-year rally that has dominated global commodity markets.<\/p>\n
<\/p>\n
Metals have made big gains in December, rounding off a year in which trade dislocations, geopolitical uncertainties, and supply shocks have combined to shake up the industry. On the demand side, copper is expected to be a major beneficiary of the world\u2019s energy transition, helping to make it one of biggest winners in 2025, with a gain of roughly 42% in New York.<\/p>\n
Earlier this year, Comex copper contracts spiked to a record in anticipation that US President Donald Trump would impose tariffs. While he ultimately excluded the most widely-traded form of the commodity from levies, that decision is due for a review in 2026. A continued rush of metal into the US has spurred concerns buyers elsewhere may end up scrambling for supplies.<\/p>\n
Prices received an additional lift in recent sessions from a slump in the US dollar, with a Bloomberg gauge of the currency on pace for the biggest weekly loss since June. That shift makes raw materials cheaper for most buyers.<\/p>\n
On the Comex, copper rose 4.7% to settle at $5.8395 in New York.<\/p>\n
–With assistance from Yvonne Yue Li.<\/p>\n
Most Read from Bloomberg Businessweek<\/p>\n
\u00a92025 Bloomberg L.P.<\/p>\n","protected":false},"excerpt":{"rendered":"Bloomberg (Bloomberg) — Copper surged to a record in Shanghai and rallied in New York, adding to substantial…\n","protected":false},"author":3,"featured_media":474056,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[3638,64,214920,43156,405,214919,67,132,68],"class_list":{"0":"post-474055","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-business","8":"tag-bloomberg","9":"tag-business","10":"tag-comex-copper","11":"tag-london-metal-exchange","12":"tag-new-york","13":"tag-shanghai-futures-exchange","14":"tag-united-states","15":"tag-unitedstates","16":"tag-us"},"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@us\/115789163727441926","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/posts\/474055","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/comments?post=474055"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/posts\/474055\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/media\/474056"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/media?parent=474055"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/categories?post=474055"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/tags?post=474055"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}