Copper Hits Record in China and Jumps in New York as Tariff Uncertainty Fuels a 2026 Supply Squeeze — and a “Phantom Deficit” Debate
December 26, 2025 — Copper closed out the post‑holiday week with a fresh surge that underscores just how unusual—and how politically sensitive—the global metals market has become. Prices pushed to all‑time highs in Shanghai and jumped again in New York, as traders weighed tightening feedstock signals for 2026 against a tariff-shaped supply chain that is increasingly split into “U.S. copper” and “everyone else’s copper.” The Business Times Behind the rally is a collision of forces: persistent concentrate tightness, mine disruptions that have kept investors on edge, and the lingering question of how far the United States will go in expanding
