Rising global demand for renewable energy is expected to drive up prices of key industrial metals such as copper and silver, as countries accelerate the shift away from fossil fuels amid geopolitical tensions.

Copper prices surged to a record near $13,000 per ton in volatile trading as the London Metal Exchange (LME) reopened after the Christmas holiday, extending a year-end rally driven by concerns over tightening supply.

Copper extended a strong rally in December, pushing prices for the industrial metal to record levels above $12,000 a ton, driven by concerns over a tighter global market in 2026.

Copper prices edged closer to $12,000 a metric ton, approaching a new all-time high as supply disruptions and tariff-related trade dislocations continued to fuel a powerful rally that has lasted for months.

Copper (HG=F) climbed to a two-week high as London Metal Exchange trading resumed following the Easter break, with base metals benefiting from a recent dollar rout.