Copper prices surged to record levels on Thursday, extending a powerful rally across global metals markets as investors increased exposure to physical assets amid escalating geopolitical risks and ongoing supply concerns. The red metal outperformed as market participants rotated from gold and silver, which have already posted strong gains this year. Meanwhile, the benchmark three-month copper contract on the London Metal Exchange climbed over 6.6% to trade near $13,953 per ton, also setting a fresh historical record. So far this year, Shanghai copper prices have risen nearly 9%, while London copper has gained more than 11%, building on an already strong rally seen throughout 2025. The Yangshan copper premium, a key indicator of Chinese import demand, slipped to $20 per ton, its lowest level since July 2024.