ANZ says copper could reach a record high in early next year as US tariff
mining concerns, mining supply challenges and resilient global demand tighten the
market. Analysts Kumari and Haines say speculation that the Trump administration
may impose tariffs on copper has redirected large volumes of supply into the US,
tightening availability elsewhere. EV and new‑energy infrastructure investment
should underpin demand, while supply faces downside risks from El Nifio‑related
output losses in Chile and rising hydropower risks in Brazil.
