Copper prices on the London Metal Exchange (LME) surged to record levels during the Asian trading session on Monday, driven by expectations of continued U.S. monetary easing and a weaker dollar.

Three-month LME copper futures touched a high of $12,960 per tonne, marking an all-time intraday peak. As of 10:30 a.m. Beijing time, the contract was trading at $12,914.05 per tonne, up 6.18% on the day.

Market analysts said the rally was fueled by investor anticipation that the Federal Reserve will maintain an accommodative policy stance next year, reducing real borrowing costs and supporting industrial metals. A softer dollar also lowered the holding costs for commodities priced in U.S. dollars, further boosting demand for copper and other base metals.

“Copper and other non-ferrous metals are benefiting from both a favorable macro backdrop and expectations of continued liquidity support from the Fed,” a metals analyst said.

Copper, widely used in construction, electronics, and green-energy infrastructure, is seen as a bellwether for global industrial activity. The latest gains underline the market’s sensitivity to monetary policy signals and currency fluctuations, with traders closely monitoring economic data and central bank communications ahead of 2026.