This article first appeared on GuruFocus.
Copper could be gearing up for another record-breaking run. Kenny Ives, chief commercial officer at CMOC Group (CMCLF) and CEO of its trading arm IXM, told Bloomberg during the LME Week summit in London that benchmark prices could end the year near $11,000 or even $12,000 a ton. His bullish tone, rare for the usually reserved executive and former Glencore contender, signals confidence that the market’s strength may still have room to run. Copper has rallied sharply this year as a series of accidents and disruptions hit major mines in the Democratic Republic of Congo, Chile, and Indonesia, tightening supply. Even after a brief pullbacktriggered by President Donald Trump’s proposal of a 100% tariff on Chinese goodsthe metal remains just $600 shy of its all-time high above $11,100 a ton.
Ives’ optimism stands out as traders and investors debate whether the rally can hold amid rising trade tensions. CMOC, which operates two copper-cobalt mines in Congo, is among the producers benefiting from the squeeze in global supply. Ives suggested that structural demand from electrification, renewable energy, and industrial decarbonization could keep copper prices elevated, even in a volatile environment. His call resonated across the London gathering, where supply deficits and long-term demand themes dominated the conversation among traders, miners, and manufacturers.
Echoing that view, Nick Snowdon, head of metals research at Mercuria Energy Group, said copper prices could quite easily reach $12,000 a ton. For investors, the message from LME Week is hard to ignore: copper’s next move could be less about short-term trade politics and more about the long-term fundamentals of electrification. With the world’s industrial engine shifting toward clean energy and electric mobility, the metal once viewed as a cyclical play may now be shaping into one of the decade’s defining structural bets.