Benchmark copper price reaches $14,533 a metric ton
Copper prices hit an all-time high of $14,533 per metric ton on Monday. Supply constraints in regions outside the US continue to drive bullish momentum.
Benchmark copper climbed to a fresh record high of $14,533 per metric ton on Monday, surpassing its previous peak of $14,527.50 set in January. Trading data shows that three-month contracts on the London Metal Exchange reached $14,597 at 03:30 GMT, while Shanghai futures rose to 16,495 dollars per metric ton. This surge follows a year of record-breaking gains driven largely by tariff-related trade flows and a weaker dollar. Demand has accelerated due to electrification, artificial intelligence, defense spending, and urbanization in emerging markets, creating a scenario where rigid long-term demand meets limited supply. A key factor remains the tightness of global supply outside the United States, which is driving buying interest. Morgan Stanley updated its outlook for the year; while it initially expected mine production to expand, analysts now foresee output remaining broadly unchanged or declining slightly. If production stagnates, the market could witness its first annual decline in copper mine supply since 2017. Additionally, ongoing conflict in Iran has added pressure to an already constrained inventory picture.
