LME copper prices hit a record US$11,870 a tonne in the second week of December 2025, driven by tight supply and recent US interest rate cuts. In the second week of December 2025, the spot price was US$11,870 per tonne, up 21% from the average of the September quarter. Prices are expected to remain elevated throughout 2026 before easing in 2027 as supply constraints ease.

Global copper demand is expected to grow as the demand for clean energy technologies rises, and as data centres and electricity infrastructure expand. However, copper supply is expected to lag demand due to recent major supply disruptions and the slow development of new mines.

Australia’s copper exports are projected to rise from 765 kt in 2024–25 to 948 kt in 2026–27, supported by new mines and expansions. Earnings are forecast to grow from $13 billion in 2024–25 to $17.6 billion in 2026–27, driven by higher prices and export volumes.

(source: https://www.industry.gov.au/publications/resources-and-energy-quarterly-december-2025)