The current copper price is reaching unprecedented heights

Copper Price Update – February 2026

On January 29, 2026, copper reached a new all-time high of $14,572 per metric ton on the London Metal Exchange (LME). On the U.S. COMEX, the price rose to $6.61 per pound that same day. A buying spree from China, fueled by expectations of higher economic growth and increased investment in data centers, drove the price up by 11% in a single day.

After reaching this record high, the price of copper temporarily fell below $12,500 per metric ton. The reason was the Chinese New Year. China accounts for about 60% of global copper demand. During the New Year period, factories collectively shut down and trading activity virtually ceases. This always puts temporary downward pressure on prices.

The price has now fully recovered. On February 24, 2026, copper closed at $13,166 per metric ton. Two factors drove this recovery: the resumption of Chinese industrial activity after the holidays and the news that the U.S. Supreme Court had ruled President Trump’s reciprocal tariffs unlawful. The proposal now is to lower the import tariff on Chinese goods from 32% to approximately 15%. Lower tariffs stimulate trade, which is positive for copper demand.

The price of copper is currently fluctuating between $12,700 and $13,200 per metric ton. That is well above the record highs set at the end of 2025, making this once again an excellent time to turn in scrap copper.

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Copper Price Update – December 2025

The current price of copper is reaching unprecedented heights. In December 2025, copper broke all records: on the London Metal Exchange (LME), the price climbed to €11,617 per metric ton, with an intraday peak of €11,705. In the U.S., the rise was even more dramatic: there, the daily price of copper surged past the €11,800 per metric ton mark. Since the end of 2022, the price has risen by nearly 75%. Year-to-date, copper is up by more than 32%, while other commodities such as oil remained stable or even declined.

This explosive growth makes copper the best-performing commodity of 2025. For you, this means it’s an excellent time to turn in your scrap copper. The price of copper today is significantly higher than it was about a year ago. But what’s causing this record surge?

The reason behind this increase

The highest copper price ever is the result of a perfect storm of three factors. First, the “Trump effect” caused panic in the market. In July 2025, President Trump announced a 50% import tariff on copper. U.S. traders began hoarding copper en masse to beat the tariff. This created a huge price disparity between the U.S. and the rest of the world.

In addition, the world is facing acute shortages. The Grasberg mine in Indonesia is operating at limited capacity following an accident and will not return to full capacity until 2027. The massive Cobre Panama mine is completely shut down. There are also disruptions in Chile and the Congo. The result? Global inventories in LME warehouses have fallen below the critical threshold of 100,000 metric tons.

The third factor is structural demand. Copper is becoming increasingly important for AI data centers and electric cars (which use four times as much copper as conventional cars). Experts therefore refer to copper as “the new oil” for the energy transition. This demand will simply continue to grow.

Where does the price come from?

The current record prices are not a random spike. In early 2024, copper was still trading at $8,338 per metric ton. In the first half of that year, the price rose to $10,139 per metric ton in May, driven by the closure of the Cobre Panama mine (accounting for 350,000 metric tons per year), production cuts at Chinese smelters, and a drought in Zambia that delayed expansion projects. After a summer pullback due to disappointing Chinese economic outlooks, the structural upward trend continued.

Things really took off in 2025. Copper rose by more than 40% over the course of the year. By the end of December 2025, the LME price had climbed to over $11,600 per metric ton, with peaks reaching $11,800. Since the end of 2022, the price has thus risen by nearly 75%, making copper the best-performing commodity in recent years.

The consequences of this high copper price

The acute shortage has led to “backwardation”: the price for immediate delivery is higher than the price for future delivery. This is a classic sign that there is simply not enough physical copper available. Companies are having to completely overhaul their inventory management and are now prioritizing delivery reliability over price.

Copper has evolved from a common cyclical commodity into a strategic, scarce resource. This shift is impacting the energy transition: wind farms and solar farms are becoming more expensive and may be less profitable due to high copper prices. Project developers must adjust their calculations.

What are the prospects for the future?

Analysts do not expect current copper prices to be a temporary spike. According to experts, the bull market in copper will continue for at least another three years. Goldman Sachs has raised its forecast for 2026–2027 to a range of €10,000 to €11,000 per metric ton. This is viewed as the new fundamental floor price.

The problem lies in the slow growth of supply. New mining projects will not reach peak production until between 2028 and 2036. Because it takes years to open a mine, supply will not be able to keep up with demand for the time being. McKinsey & Co. even predicts a global copper shortage of 6.5 million metric tons by 2031. As a result, recycling is becoming increasingly important to offset these shortages.

So sell your copper now to Krommenhoek Metals for record prices

Now is the best time to sell copper. The current price includes a “geopolitical risk premium” that could potentially decline if trade tensions ease. If you wait, you may miss out on potential earnings. At Krommenhoek Metals, we pay transparent, up-to-date copper prices linked to the daily market rate.

Bring your scrap copper to one of our locations yourself, or use our container service and pickup service for larger quantities. With a century of experience, we’re here to provide you with reliable craftsmanship and expert advice.