Copper Prices Soar to All-Time High as Supply Tightens, Cable Makers Feel the Pinch

Copper has hit an all-time high of $14,533 per metric ton, driven by tariff-related trade flows and a tightening supply picture.

Data from the International Copper Study Group shows global mine output declined 1.1% in the first half of the year, with major producers Codelco and Freeport-McMoRan Inc. both reporting double-digit drops.

Morgan Stanley now sees production as little changed or slightly lower, raising the prospect of the first annual decline in mine supply since 2017.