Copper Prices Soar as Supply Woes and Storms in Chile Take Toll

Copper prices surged nearly 3% on Thursday, bringing them within striking distance of all-time highs set in early June.

The New York copper price jumped to $6.4930 per pound for September delivery, while the London Metal Exchange's three-month copper contract gained 1.3% to $13,753 per tonne.

Codelco, the world's largest copper producer, has abandoned its goal of restoring output to pre-pandemic levels due to supply-side problems and deadly storms in Chile.

The International Energy Agency warned that sulphuric acid shortages put more than one-seventh of global output at risk, while the Federal Reserve left interest rates unchanged on Thursday.