Copper rose to a new record high and approached $12,000 a tonne at the end of an exceptional year dominated by trade disruption, tight supply and optimism about long-term demand. With just a few trading days left on the London Metal Exchange before the end of the year, copper is on course for its biggest annual gain since 2009. The metal, which is a key component of the clean energy transition, has continued to rise in recent months as concerns over the scarcity of global supply grow. Also read: Copper hits a record high as fears of stock shortages grow The rush of shipments to the United States The immediate driver of the rise in prices is the speed with which the metal is shipped to the United States, in an effort to anticipate the introduction of possible customs duties on imports, which threaten to leave the rest of the world with a shortage of supplies. However, the 36% rise this year was also the result of unplanned mine closures, along with growing interest in the use of copper in artificial intelligence infrastructure. In a clear sign of increasing supply pressures, difficult negotiations over annual crude supply contracts led to an agreement that gave smelters a processing fee of $0 per tonne, the lowest level ever recorded. You may be interested in: Trump’s tariffs on copper.. What are their reasons and will they serve their purpose? Optimistic predictions for copper performance in 2026 Several optimistic predictions for copper performance in 2026 have already been issued. Citigroup said prices could reach $13,000 a tonne by the second quarter, given the race to direct copper shipments to the United States. Goldman Sachs believes that copper will be the preferred investment among metals next year. The price of copper rose 0.7% to $11,966.50 a tonne at 11:56 am Shanghai time. The prices of aluminium, zinc and nickel also rose.