Copper Surges Past $14,500 per Ton on Record Supply Constraints

Copper prices have surged to record highs on the London Metal Exchange, surpassing $14,500 per ton due to acute near-term supply constraints. This tightness in the physical market is driving demand for both spot and futures contracts across global benchmarks.

The copper price has shown strong upward momentum, maintaining levels above its key moving averages. With a 78% probability of further gains, analysts predict copper will consolidate in a range between $6.7337 and $6.9909 over the next two to three trading days.

A decisive breakout above $6.9909 could signal potential for further gains, while a drop below $6.7337 would make a retest of support more likely.