Copper prices have continued to rise, reaching $9,749 per ton in MENA region, predicting another peak of $10,050 per ton in August 2025. This increase is attributed to a significant reduction in global supply, particularly outside the United States, as demand remains strong. The ongoing supply constraints are exacerbated by record shipments directed to the U.S., which have depleted inventories in other regions. The market is experiencing heightened pressure as traders react to rising premiums for spot contracts, indicating a tightening supply situation.

The decline in copper inventories outside the U.S. is expected to sustain upward pressure on prices, with experts noting that the market could face a regional shortage despite a current global surplus.The anticipated 25% tariff on U.S. copper imports set to take effect in September could further complicate supply dynamics, potentially leading to a price drop to around $9,700 per ton by December. Additionally, the overall positive sentiment in the market, driven by robust activity in China, is likely to support continued price increases in the near term.