Copper Hits All-Time High
Copper futures climbed toward $6.8 per pound on Wednesday, reaching fresh all-time highs as persistent supply concerns and strong demand continued to drive prices higher. Metals trader Sprott Asset Management said global mined copper production could decline this year for the first time since 2017 due to supply disruptions, declining ore grades and weak output ...
Copper prices surged to record levels, hitting an all-time high of $6.8 per pound on Wednesday, according to trading data. This significant price increase was attributed to ongoing concerns over supply and growing demand for the metal. Metals trader Sprott Asset Management reported that global copper production could drop for the first time since 2017, primarily due to disruptions at major mines in Indonesia and the Democratic Republic of Congo. These disruptions have pushed the expected annual production down by an estimated 600,000 tons.
Demand for copper remained strong across various sectors, including power grids, artificial intelligence data centers, and the defense industry. The recent surge in technology and AI stocks has further bolstered the demand outlook for copper. As traders closely monitor potential US copper tariff plans, the Commerce Department has proposed duties of 15% from January 2027 and 30% from 2028, subject to a presidential decision.
Written by urgent.news from Hellenic Shipping News's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.