Copper prices near record level amid supply squeeze
Copper rose to $14,415.50 per ton on the London Metal Exchange, as US shipments and mining production challenges deplete global inventories.
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Copper prices continued their rise, approaching a record level due to tight short-term supply and US shipments eroding inventories.
Latest Market Situation
Copper prices continued their rise on Wednesday amidst tight short-term supply, climbing to $14,415.50 per ton on the London Metal Exchange.
Year-to-Date Changes and Record
Having achieved a record close on Tuesday, copper has gained approximately 16% since the beginning of the year, approaching its intraday record from January.
Supply and Inventory Concerns
While high shipments to the US reduce inventories in other regions, difficulties in mine production meeting rising demand are intensifying market concerns.