Copper Surges to Record High as UltraTech Enters India's Cable Market

Copper has hit an all-time high of $14,533 per metric ton, fueled by tariff-related trade flows and concerns over mine supply. Global mine output declined 1.1% in the first half of this year, with major producers Codelco and Freeport-McMoRan Inc. reporting double-digit drops.

This has raised prospects for a lack of growth in mine supply to send prices even higher. Morgan Stanley now sees production as little changed or slightly lower, following its initial expectation of expansion.

Indian cable makers such as Polycab India and KEI Industries face pressure from two directions: copper's record-breaking rally and UltraTech's entry into the sector with its Ultravolt brand.