Copper Soars Past $14,000 as Metals Rally Gains Steam — Update

By Giulia Petroni

Copper prices climbed to a record high above $14,000 a metric ton as part of a broader metals rally fueled by a weaker dollar and strong investor appetite for physical assets.

In afternoon European trading Thursday, futures on the London Metal Exchange were up 8.9% to $14,285.50 a metric ton after reaching $14,379.50 earlier in the session. London's miners also rose, with Antofagasta up 12.4%. Commodity major Glencore traded 5% higher, while Anglo American rose 4.2%.

"The copper rally is particularly notable, highlighting a growing disconnect between softening near-term fundamentals--especially in China, with rising global supply pushing the forward curve into contango--and an increasingly speculative investor frenzy seeking exposure to one of the most important transition metals," analysts at Saxo Bank said. Contango occurs when futures prices are higher than the current spot price.

Copper's advance is unfolding amid a broader move into hard assets, as investors shy away from sovereign bonds and currencies due to mounting fiscal and geopolitical concerns, alongside a persistently weak dollar. The U.S. dollar index--which measures the greenback against a basket of major currencies--was down 0.2% at 96.22, making dollar-denominated commodities more attractive to overseas buyers.

Last year, the base metal surged 42%--its biggest annual gain since 2009--due to a series of mine disruptions and heavy stockpiling in the U.S. amid concerns that the Trump administration could impose tariffs on refined metal imports.

Write to Giulia Petroni at giulia.petroni@wsj.com

(END) Dow Jones Newswires

January 29, 2026 09:11 ET (14:11 GMT)