ANZ says copper could reach a record high in early next year as US tariff 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 ris

ANZ says copper could reach a record high in early next year as US tariff 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.