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Copper's price has hit a new all-time high as metals rally to start 2026.

Analysts say the price of the red industrial metal is rising as companies and investors scramble to secure supplies amid a surge in demand and uncertainty related to tariffs and geopolitics.

Copper's price has risen more than 20% over the past two months, topping $13,000 U.S. a ton for the first time on the London Metals Exchange.

Copper (TVC: $COPPER ) is currently trading at $13,387.50 U.S. a ton in London, an all-time high.

The price surge comes amid supply disruptions and threats of new tariffs from the Trump administration in the U.S.

U.S. President Donald Trump is reportedly considering tariffs of around 15% on all copper imports, with that levy potentially increasing to 30%.

That's led to a massive surge in U.S.-based copper stockpiles as companies import the metal to avoid future tariffs. Consequently, there has been a depletion of supplies around the world.

U.S. stockpiles in warehouses have increased more than fourfold since April 2025 and were at 453,450 metric tons as of Jan. 2 this year, according to market data.

The sharp rise in copper's price has given a boost to the stocks of copper miners such as Freeport-McMoRan (NYSE: $FCX ), Southern Copper (NYSE: $SCCO ), and BHP Group (NYSE: $BHP ).

Copper isn't the only metal whose price is surging. Precious metals such as gold and silver are also trading at record highs following the U.S. attack on Venezuela.

Bloomberg's Precious Metals index has risen more than 13% over the past month, and has gained 5% since the start of this year as geopolitical risks spike.