Copper Prices Soar to Record High on Supply Tightness

Copper prices have reached a record high due to tight supply outside of the United States and weak mine output. The three-month copper price on the London Metal Exchange rose by 1.3% to $14,703 per metric ton in official open-outcry trading.

This marks a new peak for copper prices, surpassing Monday's previous record. LME copper has gained 18% this year, primarily driven by a large influx of metal moving to the US in anticipation of tariffs on refined copper.

Alice Fox, analyst at Macquarie, attributed the gains to falling inventories outside the US, including in China. The recent storms in Chile and supply chain concerns have further amplified the price increase.