Copper prices were volatile in 2025, with high levels of uncertainty influencing the market. Changing US trade policy, as well as traditional supply and demand fundamentals, worked together to move the market. Increasing demand and a lack of new supply have long been key drivers for the red metal, and this year new forces played a role in the form of tariff threats caused by significant policy shifts from the Trump administration. Experts have widely predicted a copper supply deficit over the last few years. On the demand side, industrial usage tied to the energy transition is rising, and that's on top of high usage ... (full story)