Lebanon’s Tammam Salam Recalls Premiership Difficulties: Aoun’s Party Acted Like Political Militia

A Lebanese cabinet meeting chaired by Prime Minister Tammam Salam in 2015. (Photo: Dalati & Nohra)
A Lebanese cabinet meeting chaired by Prime Minister Tammam Salam in 2015. (Photo: Dalati & Nohra)
TT

Lebanon’s Tammam Salam Recalls Premiership Difficulties: Aoun’s Party Acted Like Political Militia

A Lebanese cabinet meeting chaired by Prime Minister Tammam Salam in 2015. (Photo: Dalati & Nohra)
A Lebanese cabinet meeting chaired by Prime Minister Tammam Salam in 2015. (Photo: Dalati & Nohra)

A new book by Journalist Abdul-Sattar Ellaz, to be published soon by Dar Riyad Al-Rayes for Books and Publishing, recounts the details of the difficult period during which Tammam Salam assumed the premiership of the Lebanese government - the last under the tenure of President Michel Suleiman and which continued during the presidential vacuum that lasted two and a half years before the election of President Michel Aoun.

The book narrates the main obstacles that Salam faced during his tenure, during which he spent more than ten months seeking to form a government of “national interest,” and two years and ten months leading a government that assumed the responsibilities of the presidency with the failure to elect a new president.

Asharq Al-Awsat publishes excerpts from one of the book’s chapters entitled, “When We Make Our Brothers Enemies”, which touched on the difficulties that Salam’s government faced in the relations with Arab countries, due to Hezbollah’s role and its interference in the internal affairs of Gulf states, in addition to the positions of then-Foreign Minister Gebran Bassil, which were biased towards Iran.

Salam talks to journalist Ellaz about the difficulties he faced due to these interventions, and the negative role played by Hezbollah and the Free Patriotic Movement.

He says: “I am from a school that considers politics to be a noble act that has its moral obligations, such as integrity, transparency, and clean hands that must precede other requirements related to knowledge, experience, and administrative competence. I believe that the maneuvers, alliances, and deceptions that political action may involve must stop when they reach the level of harming the higher national interest.”

He continues: “Despite my knowledge of the corridors of Lebanese politics, which I accumulated over the years of experience in public work, I was shocked by the performance of these forces that surpassed all national ceilings and proscriptions for the sake of partisan interests.”

Asked by the journalist about more details, Salam says: “The Aounists in particular crossed all boundaries and used all means to reach their political goal that is General Michel Aoun assuming the presidency; even if this led to obstructing the state affairs at the expense of the citizens’ interests.”

The former premier went on to say: “They acted like a political militia, blocking the government’s path whenever they wanted, and freezing its work on various pretexts ... They hijacked the parliament and paralyzed its work…. In their battle, they used a rhetoric of sedition and all means of sectarian incitement.”

Salam stresses that had it not been for Hezbollah’s support to Aoun’s Free Patriotic Movement (FPM), the latter would not have been able to persist in the policy of obstruction.

“Of course, Hezbollah is also responsible… Here, I am not talking about his ministers, who were of tact and good performance, but about the general policy that the party followed with its ally in order to bring Michel Aoun to the presidency and the costs incurred by the country,” the former premier recounts.

He adds: “We must not forget that among these costs is the rupture in relations with the Arab world, which was caused by the party’s stances on Gulf states and the unilateral positions adopted by Foreign Minister Gebran Bassil in Arab forums.”

Ellaz writes that when Salam formed his government in February 2014, no one believed that its members - who come from different factions that have been in rivalry for years - would be a team with a unified vision, working in perfect harmony to get the country out of its problems.

According to the writer, the state of isolation that Lebanon has reached was undoubtedly the result of the policies that a local political group – Hezbollah - has pursued over the years along with its interference in the internal affairs of Gulf states.

He says that Salam tried many times to defuse the tensions that resulted from this provocative policy towards the Arabs. He faced many difficulties, but always “bet on the love of the Gulf brothers for our country, and on the warmth of their feelings towards us.”

Hezbollah was not the only party that angered the Gulf. Then-Foreign Minister Gebran Bassil declared, in some Arab forums, positions that did not satisfy them.

The Crisis with Bahrain and The UAE

At a meeting held in Cairo on January 16, 2015, the Arab foreign ministers adopted a declaration submitted by Bahrain, which considered Hezbollah Secretary General Hassan Nasrallah’s statements as “clear incitement to violence and terrorism with the aim of destabilizing security and stability in the Kingdom of Bahrain and the countries of the Gulf Cooperation Council.”

The foreign ministers called on the Lebanese government to “take the necessary and deterrent measures to ensure that such hateful statements are not repeated.”

Ellaz says that Lebanon was embarrassed at the meeting. Bassil announced his objection to the declaration, stressing at the same time that the official Lebanese position was not to interfere in the internal affairs of Arab countries.

The foreign minister added: “If we were given a choice between Lebanese national unity and Lebanon’s Arab relations that we are keen on and adhere to, we would definitely choose the first and not neglect the second.”

This did not please Gulf states, but rather increased their resentment.

Bahrain’s Foreign Minister, Khalid bin Muhammad Al Khalifa, said that the Lebanese delegation at the meeting “preferred to adhere to false national unity over Arab solidarity that saved it from war,” adding that Lebanon “is a great country ruled by honorable men and sheikhs such as Beshara El Khoury, Camille Chamoun, Saeb Salam and Rafik Hariri. But today, it is unfortunately controlled by a terrorist agent.”

Ellaz recounts that the Prime Minister feared that this crisis would lead to negative measures against Lebanese nationals in some Gulf countries. So he rushed to issue a balanced statement, in which he stressed that Lebanon’s official position on Arab and international issues is expressed by the government “and not by any single political party,” even if it was present in the coalition government.

The Kingdom of Bahrain did not take any action against the Lebanese, despite the discontent with Nasrallah’s words. Indeed, its foreign minister told Salam, whom he met on the sidelines of the Munich Security Conference in early February, that the Lebanese in Bahrain “live in their country and among their families, and nothing will harm them.”

The problem with Bahrain was resolved, but it exploded elsewhere, specifically in the United Arab Emirates. Information has begun to circulate about the intention of the Abu Dhabi authorities to deport a number of Lebanese nationals.

Salam seized the opportunity of his presence and the UAE Foreign Minister, Sheikh Abdullah bin Zayed, in Munich to talk to him about this issue, and the outcome of the meeting was harsh for Lebanon.

Ellaz recounts that Sheikh Abdullah was very polite, but at the same time spoke in a decisive tone that reflected the amount of anger among the Gulf leaders at Hezbollah’s repeated verbal aggression against their countries and interference in their affairs.

When Salam asked him about an intention to deport Lebanese, he did not deny the plan, adding that the UAE authorities would not tolerate any resident who could pose a threat to national security.

Distancing Lebanon from its Arab Identity

It didn't take long for the “huge blast.” This time the crisis was provoked by Bassil when he instructed Lebanon’s ambassador to Saudi Arabia, Abdel Sattar Issa, to abstain from voting on a resolution at the Organization of Islamic Cooperation conference in Jeddah, denouncing Iran for the attacks on the Saudi embassy in Tehran and its consulate in Mashhad.

This Lebanese position angered Saudi Arabia and the Gulf states and provoked many local reactions that considered Lebanon to be distancing itself from its Arab identity and falling into the arms of Iran and its expansionist policy in the region.

As usual, the Prime Minister, who was participating in the Davos Economic Forum, rushed to prevent an escalation, and issued a statement, saying: “Saudi Arabia is right in its positions, and has a leading role in the Arab world to promote stability and improve regional conditions; while Iran has been interfering in the Arab world for many years and this is the origin of the conflict between them and the Kingdom.”



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)
TT

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)
TT

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
TT

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.