Copper Prices Soar to Record High Amid Supply Concerns and Protectionist Moves

Copper prices have hit a record high of over $6.7 per pound, fueled by concerns of tight supply and robust demand.

The Democratic Republic of Congo has banned copper concentrate exports immediately, aiming to spur development of refining and processing capacity domestically.

This move is part of growth protectionism for ore-rich countries, which aims to stimulate local industries.

Meanwhile, Codelco's flagship El Teniente mine may face a two-year suspension due to ongoing development issues.