.png)
_1765847214_WNo_1332d800.webp)
Copper prices on the London Metal Exchange (LME) experienced a strong rally throughout 2025, climbing from USD 8,685.50 per tonne at the start of the year to USD 11,816.00 per tonne by mid-December, a year-to-date increase of roughly 36%. Nickel, meanwhile, remained relatively stable, starting the year at USD 15,010.00 per tonne and falling slightly to USD 14,420.00 per tonne, down about 4%, as rising inventories offset steady demand.
The sharp rise in copper prices was largely fueled by declining LME visible stocks and strong structural demand from electrification, renewable energy projects, and power grid expansion. Analysts note that copper’s key role in electrical conductivity and heat transfer makes it an essential material for pressure vessel, heat exchangers, electrical equipment, and energy infrastructure.
“Copper is under structural demand that goes beyond short-term market speculation,” said a London-based metals analyst. “Renewable energy and grid modernization projects are consuming more copper than expected, tightening available stocks.”
Nickel prices were constrained by growing LME inventories, despite rising demand from stainless steel production and battery-grade applications. The combination of stable supply and moderate demand growth kept nickel prices largely unchanged for most of the year.
As the trading year closes on the London Metal Exchange (LME), both copper (Cu) and nickel (Ni) have demonstrated notable price behavior throughout 2025, reflecting underlying supply, demand, and macroeconomic dynamics.
Price Comparison: Start of 2025 vs 12 December 2025
| Metal | 02 Jan 2025 (USD/t) | 12 Dec 2025 (USD/t) | Change (USD/t) | Change (%) |
| Copper | 8,685.50 | 11,816.00 | +3,130.50 | +36% |
| Nickel | 15,010.00 | 14,420.00 | -590.00 | -4% |
[Insert Pie Chart: LME Cash Price Comparison – Copper vs Nickel, Dec 12, 2025]
According to the latest publicly available LME market data:
LME Copper (Cash Settlement)
• Prices started the year around ~9,500–10,000 USD/tonne in early 2025.
• Through mid-year and into winter, prices climbed above 11,000 USD/tonne, reaching near 11,800 USD/tonne in early December 2025. westmetall.com
Key Drivers for LME Copper Price:
1. Supply Constraints: Multiple major mines in Chile, Peru, and Indonesia faced production disruptions, tightening market supply.
2. Robust Demand: Accelerated demand from electric infrastructure, EV batteries, and renewables, driven by global energy transitions, increased copper consumption.
3. Inventory & Speculation: While inventories fluctuated, rising demand expectations and lower stocks contributed to upward pricing momentum.
4. Copper’s strong performance made it one of the standout base metals in 2025 and attracted significant trading volume on the LME.
Key Drivers for LME Nickel Price:
1. Chinese Demand Uncertainty: Demand from stainless steel and battery sectors was influenced by uneven China economic activity, contributing to price swings.
2. Production Growth & Stocks: Higher Indonesian nickel output and rising stocks in some LME warehouses curtailed stronger price increases.
3. Longer-term demand from EV and energy storage sectors points to continued strategic importance, though 2025 saw nickel pricing remain below historical highs.
The fluctuation of copper and nickel prices directly affected industrial equipment costs:
1. Heat Exchangers & Condensers: Rising copper prices increased costs for tube bundles and thermal components.
2. Pressure Vessels & Reactors: Nickel alloy price movements impacted high-temperature and corrosive service equipment.
3. Electrical & Power Equipment: Copper price increases influenced the cost of motors, transformers, and wiring.
Overall, 2025 was marked by a strong copper price rally and continued nickel volatility on the LME:
Copper prices surged, underpinned by supply constraints and energy transition demand.
Nickel faced mixed signals, balancing stainless steel use with emerging EV-related long-term demand.
These trends have clearly impacted industrial cost structures, affecting sectors from heat exchangers and pressure vessels to electrical systems tied to infrastructure and decarbonization efforts.
Nanjing Fugo New Material Tech Co., Ltd. (Fugo Tech) is an ISO 9001 and PED 2014/68/EU certified manufacturer specializing in Clad Material (Explosive Clad Plates & Rolled Clad Plates/Clad Dish Heads/Clad Tube Sheets) and Titanium, Nickel Alloy, Copper Alloy and Stainless Steel products (Pipe/Tube/Fitting/Flange/Forging) which are widely used in the Heat Exchanger, Pressure Vessel, Reactor, Column, Tower, and other process equipment.
Fugo Tech offers different material combinations of Clad Plate (Explosion-welded clad plate/composite plate & Rolled-welded clad plate/composite plate) , and also offers a wide range of materials, including Titanium, Nickel Alloy, Copper, Cu-Ni, and Stainless Steel, along with custom processing services (Tube Sheet drilling, and Dish Head forming) for Oil & Gas, Petrochemical, Chemical, Energy, Paper & Pulp, Marine, Shipbuilding, Environment, Metallurgy, and New Energy Vehicles, with a strong focus on high-performance Clad Plate & Titanium & Nickel Alloy & Stainless Steel solutions.
For any new requirement, please contact: sales@fugo-tech.com
Fugo Tech is focused on the manufacturing of clad metal plate and distributes the Stainless Steel, Titanium, Nickel Alloy, Zirconium and other non-ferrous metal pipes, fittings, flanges, and fasteners.
