What factors are driving copper prices above $14,000 a ton despite geopolitical tensions from the Iran war?

Copper prices surged above $14,000 a ton due to a rebound in Chinese demand and supply risks—particularly a squeeze on Middle Eastern sulfur supplies that threatens some forms of copper production—while its correlation with surging US technology stocks has also strengthened; these bullish drivers have more than offset concerns about the war in the Middle East’s impact on global industrial growth.

How close is copper to its all-time high, and what recent price level was reached on the London Metal Exchange?

Copper reached $14,025 a ton on the London Metal Exchange, rising as much as 0.6%, and is inching closer to its all-time high of over $14,500 a ton set in January.

Copper Rallies Above $14,000 a Ton, Nearing Fresh All-Time High

May 12, 2026

Copper prices surged past $14,000 per ton on the London Metal Exchange, nearing an all-time high driven by rebounding Chinese demand and Middle Eastern supply constraints.

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