LONDON, May 13, 2026, 12:08 BST
- Copper prices in London moved past $14,000 a ton, sitting just shy of the January record.
- Traders point to Freeport-McMoRan’s Grasberg mine, a lack of sulfuric acid, and weaker Chinese refined production as the main supply concerns.
- The market remains tight, with demand fueled by power grids, data centers, electric vehicles, and clean-energy gear.
Copper moved closer to its all-time high on Wednesday, marking an eighth straight day of gains as traders reacted to tightening global supply and ongoing Chinese demand. Prices on the London Metal Exchange hit $14,196.50 per ton, just shy of the record $14,527.50, according to Bloomberg.
This shift matters because copper’s surge isn’t just about long-term bets on clean energy anymore—right now, it’s a scramble. The metal, essential for power cables, EVs, data centers and factories, has been climbing as mine setbacks, pricier processing and stockpiling take the driver’s seat, pushing aside pure demand speculation.
New York’s copper market has been surging. On Tuesday, Comex copper futures in the U.S. jumped to a new record—$6.6455 a pound. LME prices climbed past $14,000, Bloomberg said.
Supply remains the main concern. On Monday, Freeport-McMoRan reiterated that Indonesia’s Grasberg copper and gold mine is still on track to hit full production by the end of 2027, shooting down speculation about a 2028 delay. Grasberg ranks as the second-biggest copper mine globally; any setbacks there can swiftly ripple through prices.
Timeline details remain murky. Earlier, Freeport Indonesia flagged that recovery at the Grasberg Block Cave mine was being recalibrated, citing added logistics and ore-handling work after last year’s mudflow. Production is sitting between 40% and 50%, with full output not expected until early 2028. Later, Freeport told Reuters it would have issued a market alert if another delay had occurred.
Sulfuric acid is the latest pinch point. Used in copper processing, it’s gotten tougher—and pricier—to source, The Wall Street Journal reports, as shipping snarls near the Strait of Hormuz and Chinese export curbs bite. Some miners now find themselves scrambling for shipments, raising the specter of output cuts.
China is seeing less copper coming out of its refineries, too. April’s refined copper production slipped 3% from March, down to 1.05 million tonnes. More declines could be on deck in May with smelters going into maintenance, Beijing Antaike Information Co. told Bloomberg, as cited by The Edge Singapore.
Ajit Mishra, senior vice president of research at Religare Broking, told ETMarkets global copper prices have found support from “supply concerns, electrification demand, AI/data-centre demand” and the latest geopolitical disruptions. According to him, the U.S.-Iran conflict has already squeezed sulfur and sulfuric acid exports out of the Middle East, making it harder for copper producers to source enough supply. The Economic Times
Demand’s holding up so far. According to Seoul Economic Daily, copper’s bounce got a push from dwindling inventories on Chinese exchanges, fatter premiums, and a pickup in Chinese exports last month—especially clean-energy goods, which are heavy copper users.
Big miners say they’re stepping up, but copper supply isn’t catching up quickly. Rio Tinto Chief Executive Simon Trott told investors at Bank of America’s metals conference that Rio lifted copper output by 11% last year and is aiming for another 13% rise by 2030. The Rio-BHP Resolution Copper project in Arizona just passed a key federal permitting hurdle, The Wall Street Journal reported.
The rally’s got some shaky footing. Should shipping in the Middle East get back to normal, or Freeport manage to keep its 2027 Grasberg schedule, copper’s gains could unwind. High oil prices and war risk could easily stall global growth and weigh on copper too. This market’s wound tight — a whiff of trouble can send prices jumping, but the briefest breather could see them slip.
