Copper Surges Toward $11,000, Eyeing All-Time High
Copper headed toward a new test of $11,000 per ton because of supply concerns after a string of mine accidents during a period of widespread optimism
Quick overview
- Copper is approaching a new test of $11,000 per ton due to supply concerns following mine accidents.
- Three-month futures for copper rose over 1 percent to nearly $10,970 a ton, while other base metals also saw gains.
- This year, copper prices have increased by approximately 25 percent after a significant sell-off in April.
- Aluminum reached its highest level in over three years, trading at $2,883 per ton on the London Metal Exchange.
Copper headed toward a new test of $11,000 per ton because of supply concerns after a string of mine accidents during a period of widespread optimism about demand, edging closer to a record set last year.
Three-month futures increased by over 1 percent to near $10,970 a ton. Other base metals saw gains in Friday’s session in London intraday trading, including zinc and tin, while aluminum reached its highest level in over three years.
This year, copper, which is used in pipes, wires, and batteries, has increased by roughly a quarter after experiencing a significant sell-off in April due to the Trump administration’s escalation of the trade war. Investor concerns have shifted to supply issues, which include Freeport-McMoRan Inc.’s suspension following a mudslide in Indonesia’s enormous Grasberg pit.
Copper was up 0.6 percent at $10,920 per ton. Aluminum, a lightweight metal, increased to $2,883 per ton, the highest since May 2022, on the London Metal Exchange.
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