According to reports, on October 23, 2025 (Thursday), U.S. stocks surged due to stronger-than-expected earnings and a significant rise in copper and aluminum futures prices. Alcoa Corporation (AA.US) saw an impressive increase of 12.59% at closing, while Freeport-McMoRan Copper & Gold Inc. (FCX.US) climbed 1.10%. On that day, Comex copper futures rose by 2.1% to $5.10 per pound, approaching the near-high since the unexpected decision by President Trump in July not to impose a 50% tariff on raw copper imports; aluminum futures concurrently increased by 1.8% to $2,860 per ton, reflecting a tightening supply-demand scenario. Driven by rising metal prices, Kaiser Aluminum Corporation (KALU.US) surged 19.55% on Thursday, Century Aluminum Company (CENX.US) edged up by 3.38%, Hudbay Minerals Inc. (HBM.US) saw a growth of 2.25%, and Teck Resources Limited (TECK.US) recorded a 0.74% increase. Goldman Sachs' latest research report noted a widespread bullish sentiment among traders—at a recent London Metal Exchange annual meeting, most industry experts anticipated that copper prices would hit historical highs in the coming months, with some investors planning to increase their positions if prices exceed $10,900 per ton. Goldman Sachs analysts particularly highlighted that the positive arbitrage mechanism between short-term COMEX and LME may create substantial tightening effects in physical markets outside the U.S. and pose temporary upward risks to LME copper price forecasts in the range of $10,000 to $11,000 per ton. Chile's Antofagasta PLC released a conservative production guidance, indicating that this year's production is expected to be at the lower end of its target range, while next year’s production goals are below market consensus. TD Cowen has raised its 2026 Comex copper price target from $4.40 per pound to $5.25 per pound this week, forecasting a supply gap of 222,000 metric tons, primarily due to production issues at Freeport's Grasberg mine in Indonesia, Teck's Quebrada Blanca mine in Chile, and Ivanhoe's Kakula mine in the Congo.