(Bloomberg) — Copper rose toward a record, as base metals opened the week in bullish form aided by concerns over supplies and a weaker dollar.
Three-month futures rose as much as 1.5% to $13,195 a ton in London, as aluminum and tin traded at the highest levels since 2022. The red metal used in wires and cables has gained more than 20% since mid-November on bets that a flow of metal to the US — ahead of the Trump administration’s decision on import tariffs — will leave the rest of the world short of supply.
Investors were also grappling with the implications of the US Justice Department threatening the Federal Reserve with a criminal indictment, which Chair Jerome Powell said was part of a campaign by the Trump administration to influence interest-rate decisions. The dollar fell, boosting commodities.
Metals have enjoyed a strong rally over the new year period, with the catch-all LMEX Index posting four weekly gains, the best run since August. Investors have been piling into hard assets seen as possible winners from US monetary easing, a weaker dollar, and the fracturing of supply chains. Copper hit a fresh peak last week, while aluminum and nickel both surged on Friday.
Copper holdings in Comex-tracked warehouses — one barometer of shifts in global holdings — have expanded for 42 weeks straight to a record.
Copper was 0.9% higher at $13,116.50 a ton on the London Metal Exchange at 11:14 a.m. in Shanghai. Among other metals, aluminum was up 0.7%, set for the highest close since April 2022 in the aftermath of Russia’s invasion of Ukraine. Tin rose more than 3%, taking gains since the start of the year to 16%.
©2026 Bloomberg L.P.