Copper prices continued their strong rally after breaking through the $13,000-per-ton mark for the first time, as traders and investors bet that global markets would tighten. London three-month copper rose as much as 2% on Tuesday, breaking through $13,253 per ton and surpassing the peak set on Monday.Base metals have started 2026 on a strong note, with the LMEX index—which tracks six major metals including copper—jumping to its highest level since the sector peaked in March 2022. Copper prices, used in wires and cables, have risen by more than 20% since late November.Market concerns that the Donald Trump administration might impose tariffs on refined copper have prompted a rush of inventory into the U.S., potentially leading to supply shortages in other parts of the world. In the first half of last year, Donald Trump’s policies spurred a surge in copper shipments to the U.S., but trading temporarily halted after the administration decided to exempt refined copper from tariffs.In recent months, as plans to reconsider the tariff issue have emerged, related trade has picked up again.