Copper Prices Hit Five-Year High as Supply Disruptions Intensify
LME copper prices have reached a five-year high due to persistent supply-side disruptions. On Monday, LME three-month copper rose as much as 1.7% intraday to $14,396 per ton, just shy of the record $14,527.50 set in January this year.
The spot price premium over three-month futures widened to as much as $543.50 per ton, with copper prices holding above $14,000 per ton for nine consecutive trading sessions. This price structure reflects extreme scarcity of immediately deliverable metal, with intensifying competition for near-term supply.
Chilean copper output fell 6.7% year-over-year through June, while Antofagasta cut its full-year production guidance by approximately 5% after severe weather conditions disrupted operations at its Los Pelambres mine.