Copper Soars to Record High as Debasement Trade Lifts Metals and Crypto

Copper futures have reached their highest closing price in history at $6.71 per pound on Comex, according to Trading Economics.

The move is largely driven by the debasement trade, where investors are rotating into scarce assets due to concerns over US debt management and its impact on the dollar's value.

The Treasury's decision to double its maximum bond buyback size has been seen as a stealth easing measure, putting pressure on the currency.

This is not just limited to metals; gold and silver are also climbing due to central bank credibility fears. Gold traded around $4,666 an ounce, while silver held near $69.