Optimism Regarding US-China Talks Drives Copper Price to Near-Record

The price of copper has surged significantly these last few weeks, climbing towards last year’s record highs. The red metal’s rebound is being fueled by tightening supplies and renewed optimism about global demand, particularly as hopes rise for progress in America-China trade negotiations. 

Market sentiment has strengthened after both Washington and Beijing signaled a willingness to re-engage in talks and reduce trade tensions. Any breakthrough in these discussions could revive industrial activity in China, which is the biggest consumer of copper globally, and provide a firmer foundation for prices heading into next year. 

In London, three-month contracts increased by over 1% to around $10,970 per ton, bringing the metal close to its $11,000 peak. Other base metals also joined the rally, with tin, zinc and aluminum all advancing. Aluminum touched its highest level since 2022, a clear sign that the broader base-metals market is regaining momentum. 

So far this year, copper has seen its price rise by about 25%, wiping out the steep losses seen in April when the Trump administration reignited trade tensions with their Liberation-day tariffs. 

Traders are now looking beyond tariff concerns and turning their attention back to the supply side, where bottlenecks and disruptions are increasingly shaping market sentiment. For investors, the story has shifted from macro-driven anxiety to a scarcity-focused premium. That sense of scarcity is becoming more tangible. 

Freeport-McMoRan has confirmed that its vast Grasberg mine in Indonesia, currently the 2nd biggest producer of copper in the world, remains idled after a major mudslide brought operations to a standstill. The firm plans to issue a detailed update next month, but for now, markets are left to speculate on how long one of the globe’s most vital copper pipelines will stay blocked. 

The rally in copper also reflects broader strength across commodities as expectations of monetary easing and resilient manufacturing demand support industrial metals. Analysts at major banks have recently raised their 12-month price forecasts, with some predicting copper could breach $11,500 per ton if supply constraints persist and demand from the energy transition continues to build. 

Beyond short-term price swings, copper’s long-term outlook remains underpinned by its crucial role in the energy transition. The metal is essential for electric vehicles, renewable power infrastructure, and grid expansion, all of which are expected to accelerate in the coming years. 

As U.S.–China trade talks progress and mine disruptions linger, the setup suggests that every ton will count and copper’s next move could test just how tight the global supply-demand balance has become. 

The stage couldn’t be any better for the push by firms like Torr Metals Inc. (TSX.V: TMET) to attract an ever-increasing inflow of investors to back their copper exploration projects. 

NOTE TO INVESTORS: The latest news and updates relating to Torr Metals Inc. (TSX.V: TMET) are available in the company’s newsroom at https://ibn.fm/TMET 

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