Commodities
Copper Prices Near Record High on Tight Supply and Tariff Fears
Copper prices continue to soar, reaching nearly $14,800 per tonne on Monday, equivalent to about $6.72 per lb. This is close to its record high.
The surge in copper prices was driven by tight physical supply, heavy U.S. imports ahead of possible tariffs, and a sharp squeeze in available LME metal.
However, traders took profits after Federal Reserve Chair Kevin Warsh's comments raised expectations of another rate hike, leading to a pullback.
Lithium demand is stronger now than it was in past cycles, while new supply is expensive to bring online, according to Chris Berry, founder of consultancy House Mountain Partners.