Copper Prices Surge to All-Time High Amid Geopolitical Tensions

Copper prices have hit an all-time high of $14,858.50 per ton on the London Metal Exchange (LME), defying surging U.S. Treasury yields.

This rally has been driven by geopolitical tensions in the Middle East and concerns over raw material supply, as well as expectations for stronger medium- to long-term copper demand from large-scale infrastructure spending centered on AI data centers and power grids.

The prices of industrial metals beyond copper are also rising, with zinc up 0.76% from the previous session to $4,052.50 a ton.

Precious metals such as gold and silver have rallied in tandem, with COMEX December gold futures settling at $4,452.10 a troy ounce, down 0.19% from the previous session but 16.3% above the level of a year earlier.