Copper prices climbed to a fresh record on October 29, 2025, breaching $11,140 per metric ton on the London Metal Exchange as supply disruptions and improving risk sentiment tightened the market. The rally followed weeks of outages at major operations, including a deadly mud slide at Indonesia’s Grasberg mine that curtailed output, alongside weaker production guidance from several large Latin American producers. Traders also cited optimism around easing US–China trade tensions ahead of high‑level talks this week, which bolstered expectations for manufacturing and power‑grid spending that are copper‑intensive. Intraday, the LME three‑month contract topped the prior all‑time high set in May 2024 before paring some gains later in the session. Analysts said speculative inflows have amplified moves amid historically low exchange inventories and tight concentrate availability feeding smelters. Demand from electrification end‑markets—EVs, data centers and transmission upgrades—remains a key support, while US policy signals and tariffs have encouraged pre‑buying and stockpiling by downstream users. Some banks warned volatility could remain elevated if macro conditions shift or if mine restarts accelerate. Still, the immediate balance is seen tight into 2026 given delays to new projects and lingering weather and operational risks at existing assets. The new peak underscores how quickly the market’s focus has swung from macro growth worries to supply scarcity as the year closes.