Mining Stocks Rally as Copper Futures Hit Record High — WSJ

By WSJ Staff

Copper prices hit a fresh record high in London, driven by concerns over tightening global supply and large volumes of the metal being shipped into the U.S. ahead of potential new tariffs.

• In European afternoon trading, futures on the London Metal Exchange rose more than 2% to $11,502 a metric ton.
• That was an all-time intraday high, putting the contract on track for a record close.
• Prices have risen roughly 30% so far this year.

Shares in major copper miners rallied on Wednesday:

• Freeport-McMoRan (FCX) jumped nearly 4% in U.S. morning trading.
• Brazil's Vale (VALE) gained nearly 3% in the U.S.
• Glencore (UK:GLEN) leapt 6.6% in London.
• Antofagasta (UK:ANTO), Rio Tinto (UK:RIO) and BHP (UK:BHP) all rose 1.5% or more.

Traders have ramped up shipments to the U.S. amid speculation that the Trump administration could impose new tariffs next year, squeezing supply in other regions. The market has also been roiled by disruptions at major mines in Indonesia, Chile and the Democratic Republic of Congo.

On Wednesday, mining giant Glencore lowered its copper production target for 2026, but said it aims to raise output long term.

Goldman Sachs raised its copper price forecast for the first half of next year to an average of $10,710 a ton, from $10,415 previously, citing constrained mine-supply growth and demand from grid and power infrastructure.

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