Copper Prices Smash Records on LME, Hitting $14,400 Per Metric Ton

Copper prices have continued to rise on the London Metal Exchange (LME), reaching new record highs. On Tuesday, three-month futures rose 0.5% to $14,349.5 per metric ton, and by Wednesday, they had increased another 0.5% to $14,415.5 per metric ton. This marks a significant increase of approximately 16% in the price of copper on the LME so far this year.

The rise in prices is attributed to an increase in metal shipments to the U.S. and a reduction in inventories in other countries. However, Zijin Mining has warned that flooding at one of its mines in the Democratic Republic of the Congo could lead to a 57,000 metric ton reduction in production this year.