Copper is a ductile industrial metal with very high thermal and electrical conductivity and a critical metal for the global energy transition. Its application areas cover a wide variety of disciplines, including the architecture, automotive, electrical, fittings, fuel gas, industrial, marine, machined products, and telecommunications fields. 

In 2025, LME spot copper averaged $9,944.94/t, up 8.73% year-on-year. From late September, copper prices surged on supply disruptions at major mines, regional supply mismatches, and fund inflows into industrial metals. Prices broke above 12,500 USD/t in late December.

CRU data shows global refined copper output rose 3.4% year-on-year in 2025, driven by new Chinese smelting capacity and gradual ramp-up of Sx-Ew operations in the DRC. Global demand grew 3.3% year-on-year, also led by China. Growth of traditional sectors slowed down due to construction weakness, while new energy (EVs, renewables, grid upgrades) became the core demand driver.

Notably, the 2025 global copper market supply showed sharp regional divergence. Anticipated US tariffs on refined copper widened the COMEX-LME price gap, doubling US refined imports and creating a US surplus alongside shortages elsewhere, reflected in regional price spreads.