Copper prices hit record highs amid global supply shortages

Copper prices have reached record highs driven by a global supply shortage and shifting trade flows. On the Comex in New York, prices hit a historic peak of approximately 6.7270 US dollars per pound. This surge is largely attributed to anticipated US import tariffs, which are drawing refined copper into American warehouses and creating physical scarcity in other regions. Consequently, Comex inventory levels have risen for 46 consecutive trading days, reaching over 675,000 tons.

On the London Metal Exchange (LME), prices have also approached historical highs, rising roughly 16% since the start of the year. The market is experiencing significant tightness in short-term supply, evidenced by high premiums for immediate delivery compared to three-month contracts.

In the corporate sector, Freeport-McMoRan has seen its shares reach an all-time high of 77.33 dollars on the Nasdaq. The company is benefiting from rising commodity prices and production progress, such as the ramp-up of the Grasberg-Block-Cave mine in Indonesia. Freeport-McMoRan has outlined ambitious growth targets through 2028 and plans significant capital expenditures to increase production capacity, including potential expansions in Arizona.