Copper price extends hot start to year, tin price also breaks record

[Ben Graham]

Copper smashed a new all-time high on Wednesday, extending its powerful start to the year as positive demand forecasts and supply concerns drive the bull narrative.

Prices on the London Metal Exchange reached a record $13,310 per ton during the early hours of trading before pulling back. Other base metals also logged gains, with tin hitting a new peak as well.

Copper is coming off one of its best years in history with a gain of over 40%. Two weeks into 2026, the metal has already risen by 6%, as growth sectors like artificial intelligence and renewable energy continue to drive up demand.

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Concerns over supply are also lifting copper prices, as seen during much of 2025. Moreover, geopolitical uncertainties, especially potential developments that may impact global trade, pose additional supply risks.

Goldman Sachs said in December that it expects LME copper to surpass $15,000 a ton by 2035, driven by long-term demand for green energy and supply constraints. However, the bank also predicted a short-term consolidation period and a potential dip as early as this year.

Copper price won’t stay above $11,000 for long, says Goldman

Record tin price

Meanwhile, tin surged as much as 6% to $52,495 a ton in London, taking its gains close to 30% since the start of this year, and topping a peak set in 2022.

The metal’s use in soldering means it has long been viewed as a proxy for the computing sector, and funds have piled into the market in parallel with strong investments in AI and data centers. Of all metals traded on the LME, tin is the least liquid, and can be subject to periods of high volatility.

A rush of Chinese investors into commodities has also fueled its gains, as tin’s trading volumes on the Shanghai Futures Exchange rose to a daily record on Tuesday, before prices spiked by their daily limit on Wednesday.

Despite the rally, the tin market has yet to indicate physical tightness, with stockpiles held in LME-tracked sheds having risen to the highest in 11 months, according to Bloomberg. In addition, futures are trading at a premium to spot prices, indicating that near-term supply remains plentiful.

The LMEX Index — which tracks the fortunes of the six main metals on the bourse — is now tracking to top a record that was set more than three years ago.

(With files from Bloomberg)