Copper Reaches Record High on Tight Supply and Weak Mine Output

Copper prices have reached an all-time high, surpassing previous records. The three-month copper price on the London Metal Exchange has gained 1.1% to USD14,674 a metric ton by 1040 GMT.

This surge is largely due to tight supply outside of the US and weak mine output. Ole Hansen, head of commodity strategy at Saxo Bank, noted that 'Copper is being supported by persistent market tightness as miners struggle to keep pace with robust demand heading into the annual peak-demand season in China.'

A string of disappointing results has undermined expectations of global mine supply growth this year.