Copper Prices Hit Record High Amid Tight Market Conditions
Copper prices have reached an all-time high on the London Metal Exchange, touching USD14,635 ($20,267) a ton for two straight sessions. This surge has been driven by a mismatch between supply and demand, with growing demand from data centres, renewable energy equipment, and power grids.
According to Bloomberg, copper prices have rallied about 17% this year, supported by long-term tightness in the market. In the shorter term, refined copper is being redirected towards the US, as traders seek to capitalize on premium prices before potential tariffs take effect.
'We're in a market right now that's tight,' said Evy Hamrbo, BlackRock International global head of thematic. 'It's also been accentuated by some of the tariff discussions that we've seen in the US.'