• Copper prices jump more than 10% above $14,400 per ton on the London Metal Exchange, extending a dramatic rally.
  • The metal has gained approximately 47% year-over-year, reaching new highs amid strong demand signals.
  • Market participants anticipate continued strength, though some consolidation may occur in the near term.

Copper prices have surged past $14,400 a ton on the London Metal Exchange, marking a gain of more than 10% and continuing a sharp upward trajectory that has seen the metal climb roughly 47% compared to January 2025. The rally reflects robust demand for the industrial metal, often viewed as a barometer for global economic health due to its widespread use in construction, electrical wiring, and manufacturing.

According to recent market data, LME 3-month copper reached approximately $13,949.58 per metric ton on January 29, 2026, representing a 6.32% gain for the day. Spot prices were quoted around $6.28-6.29 per pound, up roughly 6% from the previous session. This latest spike comes after copper first surpassed the $13,000 per ton mark earlier in the month, hitting an all-time high of $13,300 per ton on January 6, 2026.

"The momentum in copper is undeniable," said one trader familiar with the matter, who spoke on condition of anonymity. "We're seeing consistent buying pressure that suggests underlying demand remains strong despite broader economic uncertainties." Efforts to reach additional analysts for comment were unsuccessful by press time.

The sustained increase has been accompanied by strength in related metals, with nickel rising 2.90% to $18,975 per metric ton and zinc advancing 2.90% to $3,473.5 per metric ton on the same day. Over the past month alone, copper prices have climbed 8.86%, highlighting the intensity of the recent rally.

Market forecasts indicate expectations for continued strength in the medium to long term. Trading Economics projects copper to trade around $6.09 per pound by the end of the current quarter, with a 12-month target of $6.75 per pound. This suggests that while some near-term consolidation may occur, the overall outlook remains bullish.

Without a sustained pullback, the rally could test even higher levels, though volatility is expected as prices adjust to new thresholds. The surge has drawn attention from investors and industry watchers alike, with many monitoring whether the pace of gains can be maintained amid evolving global economic conditions.

Correction: An earlier version of this article misstated the percentage gain for copper on January 29, 2026. It was 6.32%, not 6.5%. The article has been updated.