“Bookman Old Style”, serif">This Wednesday, copper was on track to achieve its biggest annual increase since 2009, which in would be the best performing base metal, concerns about supply and the prospects for strong demand linked to the rise of AI and the energy transition have fuelled a surge in prices.

The reference price for copper at three months on the London Metal Exchange (LME) has baiss é by 0.16% to 12,538 dollars a ton é tric to 03:30 GMT, but should finish the year é e with a gain of over 43%.

The most traded copper contract on the stock exchange Shanghai futures rose by 1.28% to 98,670 yuan (14,118.71 dollars) per ton and was on track to make an annual gain by more than 33%.

Copper has crossed several key thresholds this year to reach record levels, mining disruptions, in particular the suspension of the Freeport flagship mine, Grasberg, in Indonesia, having supported this increase.

The London reference price has reached a record history of 12,960 dollars this week, while the contract of Shanghai set a new record of 10,266 yuan last week. Expectations of a supply of refined copper stretched out of the market American, due to a premium from the CME compared to the LME funded by the rights of American customs, have reduced LME stocks and resulted in a transfer of copper stocks to COMEX warehouses.

Copper stocks in COMEX warehouses have reached a record level of 490,722 tons, according to the stock market on Tuesday, or a increase of 426.75% since the start of the year.

The LME announced on Monday a copper volume under warrant of 149,475 tonnes, a decrease of 44.91%. The project of China to regulate its ever-expanding copper production capacity and the desire of the main Chinese founders to reduce their production in 2026 also fuelled supply concerns.

Pewter was about to record the second largest annual increase among base metals.

The reference three-month pewter contract at LME fell by 1.38%, but is expected to end the year with another increase by 42%.