Copper Prices Soar to Record Highs Amid US Stockpiles and Supply Risks

Copper prices have surged to record highs in the US, reaching $6.70 per pound and gaining 16% this year. The commodity's strong run is driven by huge inventories in the US, with stockpiles surging. This has led to supply risks mounting globally, as demand continues to outpace production.

Experts point to a combination of factors contributing to the record-high prices. Record-high inventories and expectations of refined copper shortages have pushed up premiums in the US market. The surge is also attributed to the ongoing impact of US tariffs on imported copper, which has disrupted supply chains and driven up costs.