Copper and tin price records: capex and project timing notes for mine planners
Reviewed by Joe Ashwell

First reported on MINING.com
30 Second Briefing
Copper on the London Metal Exchange hit a record $13,310/t in early Wednesday trading before easing, extending a 6% year‑to‑date rise after a 40% gain in 2025 on AI, data centre and renewable energy demand plus ongoing supply and geopolitical risks. Goldman Sachs still sees a long‑term path above $15,000/t by 2035 but warns of consolidation and a possible pullback this year, tempering project pricing assumptions. Tin jumped as much as 6% to $52,495/t, up nearly 30% in 2026 despite rising LME inventories and a futures premium to spot, signalling speculative, low‑liquidity‑driven volatility rather than immediate physical tightness.
Technical Brief
- LME copper briefly traded at $13,310/t in early Wednesday London hours before retracing.
- Goldman Sachs’ December note flags potential copper price dip as early as 2026 despite long-term bullishness.
- Tin on the LME spiked intraday to $52,495/t, surpassing its previous 2022 peak.
- Tin is being treated as a computing-sector proxy due to its dominant use in solder alloys.
- Tin trading volumes on the Shanghai Futures Exchange hit a daily record before prices locked at the limit-up move.
- LME-registered tin inventories have climbed to an 11‑month high, contradicting a typical tight-market rally profile.
- Tin futures currently trade at a premium to spot, signalling adequate near-term physical availability despite price spikes.
- The LMEX Index, tracking six main LME metals, is approaching a new all-time high after three years.
Our Take
Copper’s more than 40% annual gain aligns with a cluster of late‑2025 pieces in our database that tied record prices above $12,000/t to supply disruptions at major Latin American and Indonesian mines, suggesting current strength is still heavily outage‑driven rather than purely demand‑led.
Tin’s near‑30% year‑to‑date move stands out in our 601 Mining stories, where most price‑driven coverage has focused on gold and copper, implying tin‑exposed projects may face faster‑than‑expected cost escalation for solders and alloys in Europe and Chinese manufacturing hubs.
Goldman Sachs and Bloomberg both feature repeatedly in recent copper and gold pricing coverage, so their presence here signals that the Tanbreez project and other Critical Metals assets are being assessed against a macro narrative of tight base‑metal supply through at least 2035 rather than just short‑term volatility.
Prepared by collating external sources, AI-assisted tools, and Geomechanics.io’s proprietary mining database, then reviewed for technical accuracy & edited by our geotechnical team.
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