Commodities
Copper Prices Reach Record Highs Amid Mine Supply Concerns
Copper prices have broken records on September 8, reaching new highs in both London and New York. Benchmark three-month copper on the London Metal Exchange rose to around $14,728/mt, while COMEX copper futures reached record levels around $6.78/lb.
The rally is driven by a combination of factors, including concerns over constrained mine supply, tight availability of metal outside the US, and uncertainty surrounding potential US trade restrictions on refined copper.
Global copper mine production declined 1.1% year on year in H1 2026, according to preliminary data from the International Copper Study Group (ICSG), exacerbating concerns over raw-material availability in an already tight concentrate market.