Copper Soars Past $13,000: Supply Fears & 'No Stock' Reports Fuel Rally

• LME copper futures hit a record $13,000/tonne, up 4.3% in a day, driven by global supply concerns and investor risk-on sentiment.
• Fears of US tariffs led to massive copper exports to the US, reducing availability elsewhere and causing 'no stock' reports from companies.
• A labor strike at Chile's Mantoverde mine and geopolitical events further tighten global copper supply.
• Strong demand from the global energy transition (EVs, renewables) and a significant US inventory imbalance (US holds nearly half of global stock) fuel long-term price surges.
• Analysts predict a global copper deficit of over 100,000 tonnes by 2026, signaling continued market tightness.

Why It Matters: Copper prices are surging to record highs due to supply disruptions, US tariff fears, and strong demand from energy transition.