“Copper Soars to Record High on Supply Concerns Despite Strong Dollar”

Mumbai, Jan 14 : Copper prices climbed to a new record high on Wednesday as ongoing supply concerns outweighed the impact of a stronger dollar, while tin also surged to historic levels amid speculative buying and growing geopolitical tensions.

On the Shanghai Futures Exchange, the most traded copper contract closed 1.68% higher at 104,970 yuan ($15,046.44) per metric ton, after touching an all-time high of 105,650 yuan earlier in the session. On the London Metal Exchange, benchmark three-month copper advanced 1.55% to $13,367.5 per ton, slightly retreating from a record peak of $13,400.

Market analysts said copper’s resilience is driven by mine disruptions, concerns about deficits this year, and a surge of copper shipments to the U.S. ahead of potential tariffs, which are tightening supply globally.

Geopolitical developments also supported the rally. Investors turned to base metals such as copper and tin amid rising tensions, with U.S. President Donald Trump urging Iranians to continue protests, stoking concerns over broader market risks.

Meanwhile, tin prices soared to record highs in both Shanghai and London markets. SHFE tin surged as much as 8% to hit the upper limit of 413,170 yuan, while LME tin gained more than 5% to $52,495 per ton.

Other base metals also posted gains on Wednesday:

Aluminium: SHFE +1.12%, LME +0.75%

Nickel: SHFE +1.47%, LME +1.83%

Lead: SHFE +0.2%, LME +0.07%

Zinc: SHFE +1.05%, LME +1.22%

Despite the rally, a stronger U.S. dollar limited further gains, as commodities priced in dollars become costlier for buyers using other currencies.