Copper prices have reached record highs in late 2025, driven by a combination of factors including US Federal Reserve interest rate cuts, fears of US import tariffs leading to stockpiling, and significant supply disruptions from mine setbacks. Strong structural demand from electrification, AI, and data centers is also fueling the rally. While prices have surged significantly, analysts anticipate continued volatility into early 2026 due to potential mine recoveries and evolving trade policies.