The London Metal Exchange (LME) copper prices surged yesterday (October 29) to a historic high, driven by tight global mine supply and easing geopolitical risks ahead of US-China leadership trade talks, coupled with the Fed’s interest rate cut.

The price reached a high of US$11,200/ton, closing at US$11,183.50/ton, and has risen by 25% so far this year.

Supply worries are severe due to production disruptions in key mines in Indonesia, Congo, and Chile. The market remains concerned after miner Glencore revised its 2025 annual production target down to 850,000 to 875,000 tons.

Analysts expect the price of the metal, often viewed as a barometer of economic health, to remain firm despite a small increase of 775 tons in LME inventory to 135,350 tons.