Copper has crossed $13,000 per tonne on the London Metal Exchange for the first time, extending a run that began in early 2025. Forward contracts remain backwardated, physical inventories are low, and supply issues continue to mount. The pressure is building steadily underneath.
The long-term consumption story is already well established, copper is essential to electrification, electric vehicles, renewable energy and data infrastructure.
Major producers in Chile and Indonesia have faced outages in recent months, and refining capacity has not kept pace either. A shortage of sulphuric acid, needed for certain processing methods, is becoming a bottleneck in its own right. Meanwhile, investment in new supply has fallen behind the curve. High prices alone have not brought capital back into the sector at the pace required. Geopolitics is adding further friction. Proposed tariffs on Chinese imports have distorted global copper flows, pulling inventory into the US and creating scarcity elsewhere.
Spot premiums are rising and the futures curve is inverted, both signs that buyers are chasing near-term supply.
Jubilee Metals Group plc (LON:JLP) is a diversified metal recovery business with a world-class portfolio of projects in South Africa and Zambia. The Company’s expanding multi-project portfolio across South Africa and Zambia provides exposure to a broad commodity basket including Platinum Group Metals, chrome, lead, zinc, vanadium, copper and cobalt.
