Why copper’s pause may be more about policy than demand

Copper prices have cooled after a blistering rally that pushed the red metal into record territory above $13,000 a tonne, but the forces shaping the next move are becoming clearer. With US tariff risks, shifting Chinese demand, and new pressure from AI-driven energy infrastructure, the copper market is entering a more complex phase.

In this interview, Albert Mackenzie, copper analyst and market reporter at Benchmark, breaks down what’s driving the consolidation — and why trade policy, not electrification alone, could determine where prices go next.