Copper: Copper price climbs to record high
The price of copper on the LME metal exchange has reached a record high. The scarce supply outside the US is driving up the price of the industrial metal. But that is not the only reason.
The copper price has reached a fresh record high due to a shortage of supply outside the US. The price of copper for delivery in three months rose by nearly 2% to $14,779 per tonne at the London Metal Exchange LME. A strong outflow of copper to the US, where tariffs on the industrial metal are expected, has led to a supply shortage in non-US markets, according to analysts.
The copper stocks in LME warehouses have fallen by almost 40% since late May, and concerns over supply have been exacerbated by storms in Chile and the situation in the Middle East.
Written by urgent.news from Handelsblatt's report — not a translation of it. Machine-written — may contain errors; check the original before relying on it.
