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(Bloomberg) — Copper surged to a record in Shanghai and rallied in New York, adding to substantial annual gains as investors bet on tighter global supplies in 2026, while also pricing in the impact of a weaker US dollar.
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In China, prices gained 2.7% to 98,780 yuan ($14,090) a ton on the Shanghai Futures Exchange, while contracts rose 3% to hit $5.743 a pound on the Comex. For the US benchmark, that’s the highest since an unprecedented short squeeze in July. The London Metal Exchange will reopen on Monday after the Christmas break.
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Metals have made big gains in December, rounding off a year in which trade dislocations, geopolitical uncertainties, and supply shocks have combined to shake up the industry. On the demand side, copper is expected to be a major beneficiary of the world’s energy transition, helping to make it one of biggest winners in 2025, with a gain of more than 42% in New York.
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Comex contracts spiked to a record earlier this year in anticipation that US President Donald Trump would put tariffs on the metal. While he ultimately excluded the most widely-traded form of the commodity from levies, that decision is due for a review in 2026. A continued rush of metal into the US has spurred concerns buyers elsewhere may end up scrambling for supplies.
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Prices received an additional lift in recent sessions from a slump in the US dollar, with a Bloomberg gauge of the currency on pace for the biggest weekly loss since June. That shift makes raw materials cheaper for most buyers.
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Futures were at 98,370 yuan a ton in Shanghai at 10:25 a.m. local time, while on the Comex, copper was at $5.7205 a pound.
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