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Sign InCopper prices are on track for their highest-ever close as traders brush aside geopolitical tensions between the US and Iran to join a broader rally in risk assets. According to reports, copper on the London Metal Exchange saw a 5% increase last week, significantly outperforming other industrial metals despite ongoing regional uncertainties.
This decoupling from Middle East geopolitical risks comes as copper continues to lead the industrial metals sector, with prices rising over 25% year-to-date per market data. Market sentiment suggests that the focus has shifted back to fundamental supply deficits, which institutions like Goldman Sachs predict could reach critical levels by late 2024 due to AI-driven demand infrastructure.
At the close of May 12, 2026, copper maintained its record-breaking trajectory as the market awaits upcoming industrial production data from major economies. Investors should monitor global PMI releases as the next major catalysts; following the recent 5% weekly surge, any further manufacturing expansion could solidify support at these new historic highs.
Update: Copper prices extended their rally on Wednesday, climbing 2% to reach fresh record highs and sparking a surge in London-listed mining equities. Shares of ANTO and ATYM led the gains in the UK market, while precious metals miners including HOC and FRES also traded higher despite relatively flat performance in gold and silver bullion.
Update: The positive momentum in the metals market has extended to silver, which surged 7% on Monday to reach its highest level since March. This move indicates a broadening of the rally across other precious and industrial metals alongside copper.
Update: Copper prices extended their rally to reach $13,643 a ton on the London Metal Exchange, marking the strongest level since January. This upward trend was supported by broad gains across base metals, with aluminum jumping over 2% and nickel adding 1.9% per market data.