Copper closed December 31, 2025 near $5.6 per pound, finishing the year more than 40% higher and marking one of its strongest annual performances on record. Unlike past rallies tied to booming industrial demand, this surge was fueled primarily by trade positioning and tightening supply, not a broad-based consumption rebound. Tariff Front-Running Reshapes Global Flows A defining feature of 2025 was the aggressive relocation of physical copper into the United States. Throughout the second half of the year, traders and manufacturers pulled forward imports to build inventories ahead of expected tariffs from the incoming ... (full story)