Metals are hitting new highs across both precious and base markets, with platinum and silver printing records while copper breaks $12,000 per ton and aluminum pushes toward $3,000 per tonne as premia and inventories reprice scarcity.
Spot platinum recently peaked at $2,377.50, a record print that caps a year where platinum is up roughly 160% by Reuters’ estimate.
The squeeze? Banks have been moving and “parking” metal in the US to hedge tariff risk, and more than 600,000 ounces are sitting in US warehouses as traders await the outcome of Washington’s Section 232 probe.
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The same platinum move is being reinforced by China-linked demand signals. Reuters reporting cites the launch of platinum futures trading in Guangzhou as a liquidity and demand tailwind.
Silver also hit record territory, with Reuters putting an all-time high at $72.70 on December 24, 2025, and describing silver as up more than 150% year-to-date.
Meanwhile, copper topped $12,000 per ton for the first time, with Bloomberg reporting an intraday high of $12,159.50 on the LME and a 2025 gain of more than 35%, on track for the biggest annual jump since 2009.
Aluminum is also back at multi-year highs, reportedly at $2,943, its highest since May 2022.
The US price story is more extreme because the premium is doing heavy lifting. Reuters detailed the duty-paid US Midwest premium reaching 88.10 cents per pound (about $1,942 per metric ton), lifting an illustrative “all-in” cost to $4,792 per ton when LME was $2,850.
Across the tape, tariffs, probes, and logistics are reshaping where inventories sit and what buyers pay, amplifying record prints and regional premia as physical tightness gets priced across multiple metals.
Information for this story was found via the sources and companies mentioned. The author has no securities or affiliations related to the organizations discussed. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
