Copper prices were hovering just below $11,000 a ton to open the week, positioning the metal within reach of the record level set last year, as supply disruptions and operational setbacks at major global mines raise concerns among investors. The benchmark three-month copper futures contract rose 1% to settle at $10,962.50 a ton at 5:50 p.m. in London. This marks a strong recovery from the steep decline seen in April, when copper prices tumbled amid escalating trade tensions following the Trump administration’s renewed tariffs. Since then, copper has rallied by roughly 25%, driven by tightening supply conditions and renewed optimism in the industrial metals sector.

One of the key catalysts behind the recent surge has been the suspension of operations at Freeport-McMoRan Inc.’s Grasberg mine in Indonesia. Grasberg, the world’s second-largest copper mine, was halted after a fatal mudslide earlier this month. Freeport confirmed that the site remains closed and said it plans to provide an update to investors on the situation and production outlook next month. The incident has heightened concerns about global supply at a time when inventories are already constrained.

Copper’s upward move is part of a broader strength across industrial metals, though the gains have not been uniform. Aluminum, for instance, briefly touched its highest price since May 2022 before paring back to close 0.1% lower. Despite the small daily decline, aluminum still recorded its fourth consecutive weekly advance, supported by supply restrictions in China due to government-imposed production caps aimed at managing energy use. Other base metals also saw moderate gains, with all except nickel rising. Traders cited strong demand expectations tied to global infrastructure and electrification trends, combined with logistical and mining setbacks, as ongoing drivers of the copper rally.

Copper is a key material used across multiple industries — from electrical wiring and renewable energy systems to vehicles and batteries — making it a critical barometer for global economic and industrial activity. Analysts note that with limited new large-scale mining projects in the pipeline and recurring operational challenges at existing sites, supply-side risks could continue to exert upward pressure on prices in the coming months.

While the market remains volatile, the metal’s resilience and proximity to its all-time high underscore its strategic importance in the transition toward electrification and modern infrastructure development. For now, investors are watching closely to see whether copper can decisively break through the $11,000 threshold and test last year’s record levels as supply constraints persist.