Gaddafi and the West… The Colonel’s Need for a Foe that Legitimizes His Presence

Asharq Al-Awsat publishes excerpts from a book by Mojahed Bosify about the Libyan colonel and his thorny relations with the West

Gaddafi at his headquarters in Bab Al-Azizia, Tripoli, after the US raids in 1986. (Getty Images)
Gaddafi at his headquarters in Bab Al-Azizia, Tripoli, after the US raids in 1986. (Getty Images)
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Gaddafi and the West… The Colonel’s Need for a Foe that Legitimizes His Presence

Gaddafi at his headquarters in Bab Al-Azizia, Tripoli, after the US raids in 1986. (Getty Images)
Gaddafi at his headquarters in Bab Al-Azizia, Tripoli, after the US raids in 1986. (Getty Images)

Asharq Al-Awsat will begin, starting on Monday, releasing excerpts from a book by Libyan author Mojahed Bosify about Libya under the rule of late leader Colonel Moammar al-Gaddafi. Today’s excerpt tackles his thorny relations with the West and how he believed that its true “religion” was money, which is how he based his approach towards it. As the years went by, Gaddafi came to view the presence of the West as an “important enemy” that offered his rule longevity at the least cost.

“Dawlat al-Khayma” (The Tent State) is published by Beirut’s Difaf Publications and will be released at the Cairo Book Fair. Bosify wrote about how Gaddafi disliked the West, a position that did not change throughout his rule. The late leader recalled an encounter in the United Kingdom in 1966 when he was undergoing further military training. He recalled how he was seated next to a Briton on a train. When drinks were served, the man only paid for his order. Gaddafi objected to his behavior, which he perceived as lacking dignity. The event would shape Gaddafi’s view of the British, whom he believed do not host you or allow you to host them, which contradicts the Bedouin values on which he was raised.

After he came to power, he would recount to the BBC how his fellow Libyans were insulted by English officers during their training in the UK. “I am certain that they hated us,” he told his interviewer.

Gaddafi would never really understand the West – as friend or foe alike. He constantly viewed the West from his own Libyan lens, not from the perspective of its own history and values. Indeed, he would come to hate the West. He was keen on relaying this hatred to everyone, developing a state of enmity that in turn would bring him fame. With time, the mutual hostility between them would constantly provide the enemy with the excuse to revolt against Gaddafi, and provide him with the justifications to remain in power.

The colonel based part of his propaganda on religion and history. He believed that the hostility was part of the tenth Crusade that was targeting Libya and the entire Muslim east. He was eager to meet this hostility and at one point during a televised address challenged US President Jimmy Carter to an armed duel to resolve wars. At another instance, he alleged that westerners were part of Darwin’s missing link between man and monkey and even tasked researchers to back his claim.

Gaddafi’s failure to learn foreign languages and deep sense of pride prevented him from understanding complex political, social and industrial issues that are integral to life in the West. For nearly two decades, he kept visiting these lands, leaving behind fear wherever he went. He carried out or supported terrorist operations in most European cities, and then sent his squads of professional murderers to the United States, to assassinate opponents in the heart of the greatest enemy.

In April 1986, US President Ronald Reagan decided to set a new rule in dealing with him, so he sent a squadron of planes that bombed his private home and a few other targets. The US army missed at least two targets and caused a massacre of which the colonel cleverly benefited. But the message had arrived and served its purpose for several years. This time, the colonel understood that he had to stay calm.

After the Kuwait war, a simultaneous announcement by Britain and the United States formally accused the Libyan regime of blowing up an American civilian plane. Two Libyan men were wanted for trial. Libya, along with Iraq, was subject to a siege that lasted for seven years, before a Saudi-South African mediation succeeded in persuading Gaddafi to hand over the accused to a neutral court, before finally acknowledging responsibility of the attack.

The Lockerbie case cost Gaddafi great efforts and losses on all fronts. But he emerged from that turmoil with a new theory, which he expressed in few words: The West’s only religion is money.

The colonel started to award contracts to Western companies and his new approach did not disappoint him at all, but opened for him the paths he desired.

With his abundant money and traveling with his tent and camel, he visited most of the capitals of the West, with the exception of London, for which he maintained a lasting hatred.

During a visit to Paris, he sat on the chair of Louis XIV, after he was officially received by French President Nicolas Sarkozy at the Elysée Palace. No one had imagined at that time that he had funded Sarkozy’s election campaign.

The real problems with the West had not yet begun. They will start with the emergence of Osama bin Laden, who will strike the heart of America without mercy, in a Hollywood-like scene, from which the White House itself barely escaped.

Less than two years later, Saddam Hussein will fall in another operation. Around that day, special security units came to the heart of Tripoli at night, removing the large posters of the leader hanging on the walls, fearing that they would be too provocative. A cautious fear overwhelmed the colonel. He expected at any time the appearance of US warplanes in Libyan skies.

A week after Saddam was captured, Gaddafi finally realized that the game was over. He announced that he would abandon any programs to produce “chemical, biological and nuclear weapons.”

America waved the stick whenever necessary. In March 2004, a delegation headed by Joseph Biden, then chief Democrat in the Senate Foreign Relations Committee, visited the Jamahiriya. After his meeting with Gaddafi near Sirte, he delivered a speech the next day, in which he said that the Libyan people had capabilities and opportunities, but suffered from a big problem, which is a “misleading ideology”.

The live television broadcast was immediately cut off at this point, and dozens of diplomats and politicians sought to reduce the intensity of those words. Biden, however, remained adamant about his opinion of the colonel, whom he described after his return to Washington as “not having a single bone that believes in democracy.”

While many Western delegations looked for investment opportunities in Libya, others wanted different type of information.

Two years after Joseph Biden’s visit, a delegation from the National Institute for Democracy in Washington, which was at that time headed by Madeleine Albright, the former Secretary of State, visited the African country.

The delegation, which included four experts in the region and observers of the progress of change, spent nine days wandering around the country, and came out with a report describing bleak conditions 37 years after the leader came to power.

“It is very clear that the executive authority is in the hands of Colonel Gaddafi... who created a system that carries a decision-making mechanism that is extremely dark and unclear,” the experts said.

The report goes on to explain the rest of the reality in Libya, where legal penalties are imposed on freedom of expression and assembly, to such an extent that the movements and communications of the delegation itself “were under close supervision throughout the mission.”

Many delegations flocked to Libya, while the colonel tried to carefully chart the new approach, without a valid infrastructure and no qualified cadres, except in rare cases, for use in the outside world. Gaddafi remained in a frenzied quest for “international legitimacy”, with which he hoped to crown his life as a global example.

Two years after resolving the Lockerbie crisis, the colonel was able to come out with the signing of the Initial Declaration of the African Union, for which he chose a date chose as he liked: 09/09/1999.

The African leaders could barely keep him away from the presidency of that union for ten years, before he finally won it at the exact time he wanted. As soon as he assumed the post in 2010, he also took on the Arab chairmanship at the Sirte summit a few weeks later.

Between these two presidencies, he finally arrived in New York for the first and last time in his life. This performance culminated in a speech on the world’s podium. But his address was a poorly formulated monologue. The tragic moment, which lasted for more than two hours and was broadcast live around the globe, saw the Libyan leader violate all protocols and laws, mixing topics and presenting his worst performance ever throughout his long history.

The New York trip marked the end of his fame. When that Bedouin boy finally reached the world’s apple and financial hub, he spoiled the precious opportunity.

The Western world meanwhile remained idle, waiting for the opportunity. It first publicly denied any connection with the colonel, then lifted its cover to later intervene directly to uproot him.



What Lies Ahead for Ukraine’s Contested Zaporizhzhia Nuclear Power Plant?

A Russian service member stands guard at a checkpoint near the Zaporizhzhia Nuclear Power Plant before the arrival of the International Atomic Energy Agency (IAEA) expert mission in the course of Russia-Ukraine conflict outside Enerhodar in the Zaporizhzhia region, Russian-controlled Ukraine, June 15, 2023. (Reuters)
A Russian service member stands guard at a checkpoint near the Zaporizhzhia Nuclear Power Plant before the arrival of the International Atomic Energy Agency (IAEA) expert mission in the course of Russia-Ukraine conflict outside Enerhodar in the Zaporizhzhia region, Russian-controlled Ukraine, June 15, 2023. (Reuters)
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What Lies Ahead for Ukraine’s Contested Zaporizhzhia Nuclear Power Plant?

A Russian service member stands guard at a checkpoint near the Zaporizhzhia Nuclear Power Plant before the arrival of the International Atomic Energy Agency (IAEA) expert mission in the course of Russia-Ukraine conflict outside Enerhodar in the Zaporizhzhia region, Russian-controlled Ukraine, June 15, 2023. (Reuters)
A Russian service member stands guard at a checkpoint near the Zaporizhzhia Nuclear Power Plant before the arrival of the International Atomic Energy Agency (IAEA) expert mission in the course of Russia-Ukraine conflict outside Enerhodar in the Zaporizhzhia region, Russian-controlled Ukraine, June 15, 2023. (Reuters)

The Zaporizhzhia nuclear power plant, Europe's largest, is one of the main sticking points in US President Donald Trump's peace plan to end the nearly four-year war between Russia and Ukraine. The issue is one of 20 points laid out by Ukrainian President Volodymyr Zelenskiy in a framework peace proposal.

Here are some of the issues regarding the facility:

WHAT ROLE MAY THE US PLAY?

Russia took control of the plant in March 2022 and announced plans to connect it to its power grid. Almost all countries consider that it belongs to Ukraine but Russia says it is owned by Russia and a unit of Russia's state-owned Rosatom nuclear corporation runs the plant.

Zelenskiy stated at the end of December that the US side had proposed joint trilateral operation of the nuclear power plant with an American chief manager.

Zelenskiy said the Ukrainian proposal envisages Ukrainian-American use of the plant, with the US itself determining how to use 50% of the energy produced.

Russia has considered joint Russian-US use of the plant, according to the Kommersant newspaper.

WHAT IS ITS CURRENT STATUS?

The plant is located in Enerhodar on the banks ‌of the Dnipro River and ‌the Kakhovka Reservoir, 550 km (342 miles) southeast of the capital Kyiv.

The Zaporizhzhia nuclear power plant has ‌six ⁠Soviet-designed reactors. They were ‌all built in the 1980s, although the sixth only came online in the mid-1990s after the collapse of the Soviet Union. It has a total capacity of 5.7 gigawatts, according to an International Atomic Energy Agency (IAEA) database.

Four of the six reactors no longer use Russian nuclear fuel, having switched to fuel produced by then-US nuclear equipment supplier Westinghouse.

After Russia took control of the station, it shut down five of its six reactors and the last reactor ceased to produce electricity in September 2022. Rosatom said in 2025 that it was ready to return the US fuel to the United States.

According to the Russian management of the plant, all six reactors are in "cold shutdown."

Both Russia and Ukraine have accused each other of striking the nuclear plant and of severing power lines to the plant.

The plant's equipment is powered by ⁠electricity supplied from Ukraine. Over the past four years these supplies have been interrupted at least eleven times due to breaks in power lines, forcing the plant to switch to emergency diesel generators.

Emergency generators ‌on site can supply electricity to keep the reactors cool if external power lines are cut.

IAEA ‍Director General Rafael Grossi says that fighting a war around a nuclear ‍plant has put nuclear safety and security in constant jeopardy.

WHY DOES RUSSIA WANT ZAPORIZHZHIA PLANT?

Russia has been preparing to restart the station but ‍says that doing so will depend on the situation in the area. Rosatom chief Alexei Likhachev has not ruled out the supply of electricity produced there to parts of Ukraine.

Oleksandr Kharchenko, director of the Energy Research Center in Kyiv, said Moscow intended to use the plant to cover a significant energy deficit in Russia's south.

"That's why they are fighting so hard for this station," he said.

In December 2025, Russia's Federal Service for Environmental, Technological and Nuclear Supervision issued a license for the operation of reactor No. 1, a key step towards restarting the reactor.

Ukraine's energy ministry called the move illegal and irresponsible, risking a nuclear accident.

WHY DOES UKRAINE NEED THE PLANT?

Russia has been pummeling Ukraine's energy infrastructure for months and some areas have had blackouts during winter.

In recent ⁠months, Russia has sharply increased both the scale and intensity of its attacks on Ukraine's energy sector, plunging entire regions into darkness.

Analysts say Ukraine's generation capacity deficit is about 4 gigawatts, or the equivalent of four Zaporizhzhia reactors.

Kharchenko says it would take Ukraine five to seven years to build the generating capacity to compensate for the loss of the Zaporizhzhia plant.

Kharchenko said that if Kyiv regained control of the plant, it would take at least two to three years to understand what condition it was in and another three years to restore the equipment and return it to full operations.

Both Ukrainian state nuclear operator Energoatom and Kharchenko said that Ukraine did not know the real condition of the nuclear power plant today.

WHAT ABOUT COOLING FUEL AT THE PLANT?

In the long term, there is the unresolved problem of the lack of water resources to cool the reactors after the vast Kakhovka hydro-electric dam was blown up in 2023, destroying the reservoir that supplied water to the plant.

Besides the reactors, there are also spent fuel pools at each reactor site used to cool down used nuclear fuel. Without water supply to the pools, the water evaporates and the temperatures increase, risking fire.

An emission of hydrogen from a spent fuel pool caused an explosion in Japan's Fukushima nuclear disaster in ‌2011.

Energoatom said the level of the Zaporizhzhia power plant cooling pond had dropped by more than 15%, or 3 meters, since the destruction of the dam, and continued to fall.

Ukrainian officials previously said the available water reserves may be sufficient to operate one or, at most, two nuclear reactors.


Egypt, Trump Reaffirm Strategic Alliance in 2025 amid Regional Turmoil

Egyptian President Abdel Fattah al-Sisi meets President Donald Trump ahead of a world leaders' summit on ending the Gaza war, in Sharm el-Sheikh, Egypt, October 13, 2025. (Reuters)
Egyptian President Abdel Fattah al-Sisi meets President Donald Trump ahead of a world leaders' summit on ending the Gaza war, in Sharm el-Sheikh, Egypt, October 13, 2025. (Reuters)
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Egypt, Trump Reaffirm Strategic Alliance in 2025 amid Regional Turmoil

Egyptian President Abdel Fattah al-Sisi meets President Donald Trump ahead of a world leaders' summit on ending the Gaza war, in Sharm el-Sheikh, Egypt, October 13, 2025. (Reuters)
Egyptian President Abdel Fattah al-Sisi meets President Donald Trump ahead of a world leaders' summit on ending the Gaza war, in Sharm el-Sheikh, Egypt, October 13, 2025. (Reuters)

After months of speculation over the trajectory of Egyptian-US relations, fueled by persistent talk of strain and an impending rift, a high-level meeting between President Donald Trump and President Abdel Fattah al-Sisi in Sharm el-Sheikh reaffirmed the resilience of the strategic alliance between Cairo and Washington, even as the region remains in turmoil.

The meeting followed a turbulent period marked by Trump’s adoption of a proposal to relocate Gaza’s population, an idea firmly rejected by Sisi and one that prompted warnings of a diplomatic crisis between the two longtime allies.

The subsequent signing of a Gaza peace agreement in Sharm el-Sheikh sent a clear signal that, despite sharp disagreements over policy, the foundations of the bilateral relationship remain intact.

Early in Trump’s second term, media reports said Sisi had scrapped plans to visit Washington. As the year draws to a close, speculation has said that the visit may happen. Trump has acknowledged Sisi as a friend and said he would be happy to meet him as well.

Trump’s election victory late last year raised Egyptian hopes of strengthening the strategic partnership. Sisi voiced that expectation in a congratulatory post on X, stating that he looked forward to working together with Trump to achieve peace, preserve regional peace and stability, and strengthen the strategic partnership.

Those hopes were tested when Trump floated a plan to “clean out Gaza” and relocate its residents to Egypt and Jordan. Cairo rejected the idea outright, mobilized international opposition, unveiled an alternative plan for Gaza’s reconstruction and hosted an emergency summit on the issue in March.

Limited public engagement

David Butter, a research fellow in the Middle East and North Africa program at Chatham House, noted that the striking feature of Egypt-US ties over the past year has been their low public profile.

Aside from Trump’s appearance in Sharm el-Sheikh, there was not much happening in the open, he told Asharq Al-Awsat.

Amr Hamzawy, an Egyptian political scientist and director of the Middle East program at the Carnegie Endowment for International Peace, described the first year of Trump’s second term as difficult for bilateral relations.

He said it began with talk of displacement and a “Middle East Riviera” in Gaza, but Egyptian diplomacy succeeded in shifting the trajectory.

Trump’s peace plan, he said, ultimately signaled rejection of displacement and spoke of security and political tracks for Gaza and a broader political process for the Palestinian issue, though details remain unclear.

Hamzawy added that the year opened from a tough starting point that followed what he called President Joe Biden’s hesitant stance on Gaza, when displacement was first discussed.

After nearly a year of Egyptian political and diplomatic effort, he said, displacement dropped from Washington’s agenda, even if it remains a risk that cannot be ignored.

Historically, Egypt has been a pivotal state for US national security, given its geography, demographic weight and diplomatic role, according to a recent report by the Congressional Research Service.

Gaza, the main test

The Gaza war shaped Egyptian-US relations during Trump’s first year back in office. Washington backed Egyptian-Qatari mediation to halt the war. US Secretary of State Marco Rubio thanked Cairo after a truce was reached between Israel and Hamas in January.

When hostilities resumed, however, Egypt faced complex diplomatic choices with both Washington and Israel. It rejected Trump’s call to resettle Gaza’s population, while its reconstruction plan failed to gain US or Israeli acceptance.

Cairo also drew criticism from Trump for declining to join US strikes against Yemen’s Houthis, the Congressional Research Service (CRS) revealed.

Butter noted that ties with the Trump administration were strained over Gaza after Sisi canceled a Washington visit early in the year, following Trump’s “Middle East Riviera” remarks, which left contacts at a minimum.

He said Trump’s Sharm el-Sheikh visit, the signing of the Gaza agreement and the celebration of his plan’s success offered a chance to reset relations. Egypt, he added, has become indispensable to Trump’s administration in Gaza.

Hamzawy said Gaza dominated the first year of Trump’s term, giving Egypt a chance to restore its standing with US and European decision-makers as a key mediator. Cairo put its vision on the table, he said, shifting US thinking toward parallel security and political tracks and from talk of disarmament to limiting weapons.

Throughout the year, Egypt publicly counted on Trump to end the Gaza war. In July, Sisi urged him in a televised address to press for a halt, saying Trump was capable of doing so.

Analysts Daniel Byman and Jon Alterman wrote in Foreign Policy that Egypt is indispensable to international responses to the Gaza war, even if it remains a difficult partner for Washington and Israel. The conflict, they said, restored diplomatic focus on Egypt and strengthened its leverage.

Sara Kira, director of the European North African Center for Research, said relations in Trump’s second term differ from his first. The earlier term saw broad alignment and personal warmth from Trump, particularly on counterterrorism, she said. The second term has been marked by divergence.

That surfaced in April when Trump called for free passage for US commercial and military vessels through the Suez Canal in exchange for US efforts to protect the waterway.

Positive signals despite differences

Despite disagreements over Gaza, there were positive signs elsewhere. Early in the year, the US State Department froze new funding for most aid programs worldwide, exempting humanitarian food programs and military aid to Israel and Egypt.

Washington did not include Egypt on a travel ban list issued in June. Trump said Egypt was a country with which the United States dealt closely and that things there were under control. Egypt was also spared higher US tariffs. Cairo has repeatedly stressed the depth and resilience of the strategic relationship.

Kira said Egypt exerted maximum pressure to achieve peace and stop the Gaza war, eventually convincing Washington of its approach and reaching a peace agreement in Sharm el-Sheikh. She said Egypt acted pragmatically and astutely, reading Trump’s personality and US interests.

As talks on the second phase of the Gaza agreement stall, Egypt continues to rely on the Trump administration to advance its plan. Cairo remains in contact with Washington and is working with it to prepare a donor conference for Gaza’s reconstruction, which has yet to receive sufficient momentum from the Trump administration.

The dialogue extends beyond Gaza to Libya, Sudan, Lebanon and Iran, as well as water security, led by Ethiopia’s Grand Ethiopian Renaissance Dam (GERD), which Egypt fears could affect its Nile water share.

GERD

In mid-June, Trump stirred controversy in Egypt when he wrote on Truth Social that the United States had “stupidly” funded the dam Ethiopia built on the Blue Nile, triggering a severe diplomatic crisis with Egypt.

In August, the White House released a list of Trump’s foreign policy achievements, which included a purported agreement between Egypt and Ethiopia over the dam.

Trump has repeatedly spoken of his administration’s efforts to resolve the dispute, but those claims have yet to translate into concrete action.

Hamzawy said there is an opportunity for Washington to mediate and revive an agreement reached near the end of Trump’s first term.

Charles Dunne of the Arab Center Washington DC wrote recently that Trump’s stance may please Cairo but could also produce adverse outcomes if Washington does not assume a mediation role.

The United States hosted talks with the World Bank in 2020 during Trump’s first term, but they failed after Ethiopia refused to sign the draft agreement.

Military ties endure

Military cooperation continued largely as usual. Since 1946, the United States has provided Egypt with about $90 billion in aid, with a sharp increase after 1979, which successive administrations have framed as an investment in regional stability, according to the CRS.

For more than a decade, Congress has imposed human rights conditions on part of Egypt’s aid.

Between fiscal years 2020 and 2023, the Biden administration and Congress withheld approximately $750 million in military funding. Trump’s technical annex to the proposed fiscal 2026 budget seeks $1.3 billion in military assistance for Egypt without conditions, the CRS said.

Hamzawy said the administration is far from imposing conditionality, noting that relations rest on mutual interests between a major power and a positively influential middle power.

Since the Gaza war, the Biden and Trump administrations have accelerated US arms sales to Egypt. The State Department notified Congress of military sales totaling $7.3 billion. In July, the Pentagon announced that the State Department had approved the sale of an advanced air defense missile system to Egypt, valued at approximately $4.67 billion. Egypt also hosted the Bright Star military exercises in September.

Kira said ties with Washington are driven by interests and that Cairo has positioned itself as a core regional player.

Hamzawy said Egypt occupies a central place in US Middle East thinking, as Washington needs a spectrum of allies, with Egypt at the heart of that network.


Why Metal Prices are Soaring to Record Highs

A salesman displays gold chains at an Indian jewelry store in September. Idrees MOHAMMED / AFP
A salesman displays gold chains at an Indian jewelry store in September. Idrees MOHAMMED / AFP
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Why Metal Prices are Soaring to Record Highs

A salesman displays gold chains at an Indian jewelry store in September. Idrees MOHAMMED / AFP
A salesman displays gold chains at an Indian jewelry store in September. Idrees MOHAMMED / AFP

Precious and industrial metals are surging to record highs as the year ends, driven by economic and geopolitical uncertainty, robust industrial demand and, in some cases, tight supply.

Below AFP examines the reasons for the surge in demand.

- Safe havens -

Gold and silver are traditionally seen as safe-haven assets, and demand has soared amid mounting geopolitical tensions, from US President Donald Trump's tariffs onslaught to wars in Ukraine and Gaza, as well as recent pressure by Washington on Caracas.

Investors are also uneasy about rising public debt in major economies and the risk of a bubble in the artificial intelligence sector.

These uncertainties are driving up gold and silver, with other metals now starting to see the impact as investors seek to diversify their portfolios, explained John Plassard, an analyst at Cite Gestion Private Bank.

"Metal is once again becoming insurance rather than just a speculative asset," he told AFP.

- A weak dollar -

Traditional safe havens like the dollar and US Treasuries have become less attractive this year.

Uncertainty around Trump's presidency and the prospect of further Federal Reserve interest rate cuts, have weakened the dollar, reducing its appeal to investors.

As a result, many investors are turning to gold and silver.

Gold has climbed more than 70 percent this year and passed $4,500 an ounce for the first time on Wednesday, while silver reached a record high of $72 an ounce, with prices up about 2.5 times since January.

A weak dollar is also boosting industrial metals, since commodities priced in dollars become cheaper for buyers when the currency falls.

- Fresh demand -

Industrial demand has surged in recent months, driven by the rise of artificial intelligence and the energy transition.

Copper, used for solar panels, wind turbines, electric vehicle batteries and data centers, has seen strong gains as a result.

Prices hit a record on Wednesday, topping $12,000 a ton, helped further by China, the world's largest copper consumer, announcing new measures to boost demand.

Aluminium, a cheaper alternative to copper, and silver are also benefiting from the AI boom and the shift to renewable energy.

Platinum and palladium, used in car catalytic converters, have also risen, reaching a record high and a three-year high respectively, after the European Union decided to allow sales of new internal combustion vehicles beyond 2035.

- Tight supply -

Copper prices have been lifted this year by fears of US tariffs, prompting companies to stockpile ahead of their introduction, with duties imposed on semi-finished products and potentially extending to refined copper.

Supply risks from disruptions at mines in the Democratic Republic of Congo, Chile and Indonesia have added to the price surge.

Physical markets for silver, platinum, and aluminium are also tight.

According to Ole Hansen, an analyst at Saxo Bank, thin holiday trading, which increases volatility, and investor fear of missing out have further amplified the rise at the end of the year.