Copper Prices Soar to Record High Above $14,000 on Strong Speculative Demand
Copper prices surged to a new record high above $14,000 per metric ton on Thursday, as speculators continued their aggressive buying spree. The rally was driven by expectations of strong global demand, alongside support from a weaker U.S. dollar and ongoing geopolitical tensions.
The sharp rise came despite warnings from some analysts that elevated prices could dampen physical demand from industrial consumers and that the rally is not fully supported by current supply-and-demand fundamentals.
On the London Metal Exchange (LME), benchmark three-month copper jumped 7.9% to an all-time high of $14,125 per metric ton during Asian trading. Prices later pared gains, trading around $13,935 per ton by 10:50 GMT, still up 6.5% on the day.
Copper, widely used in power generation and construction, is a critical metal for the global energy transition. However, exchange-monitored inventories remain elevated, particularly in the United States, raising questions about the sustainability of the recent price surge.
In Asia, the most-active copper contract on the Shanghai Futures Exchange (SHFE) closed the daytime session 6.7% higher at 109,110 yuan ($15,708.77) per ton, after earlier touching a record high of 110,970 yuan.
