Copper Price Surges Towards Record Close on Tight Global Market

Copper prices are poised to close at an all-time high as the global market tightens.

The London Metal Exchange (LME) saw copper trade as much as 0.9% higher, surpassing its mid-May closing record.

Tighter supply and strong demand from data centres and power grids are driving the price up.

However, there's a risk that unusual trade flows triggered by uncertainty over US import tariffs on refined metal may be obscuring broader headwinds in the global economy.

Copper has rallied around 14% so far this year, building on three annual gains.