- LME copper hits $11,200/t, up 30% y-o-y on supply cuts
- Freeport’s outage, US-China trade optimism lift sentiment
The benchmark three-month copper futures on the London Metal Exchange (LME) surged to a 16-month high of $11,200/t on 29 October 2025, surpassing the previous peak of $11,104/t set in May 2024. Prices are now up nearly 30% y-o-y, supported by a series of global supply disruptions and renewed optimism over trade sentiment.
Glencore, one of the world’s largest resource producers, reported a 17% y-o-y decline in copper output for the January–September 2025 period and revised its annual production guidance lower. The announcement added to market anxiety following earlier supply disruptions, including Freeport-McMoRan’s force majeure declaration at its major Indonesian copper mine in late September, signaling possible production cuts into next year.
Adding to the positive sentiment, expectations of easing trade frictions between the US and China ahead of the leaders’ summit on 30 October further boosted buying momentum. Traders turned bullish amid hopes for stronger industrial demand and potential stimulus support.
With prices now above the psychological $11,000/t level, analysts say near-term focus will remain on whether copper can sustain gains amid profit-taking and macro uncertainty. Any signs of easing US interest-rate policy or further mine disruptions could keep copper prices elevated in Q4FY’25.
In Japan, electric copper prices-a key domestic benchmark-also hit a record JPY 1.7 million/t, with the October monthly average expected around JPY 1.66 million/t, marking the highest level on record.
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