World copper prices are once again approaching a record high of $11,000 per ton on fears of supply cuts. This is reported by Bloomberg.
Three-month copper futures on the London Metal Exchange rose more than 1% to $10,970 per tonne, almost equal to the record high recorded last year.
Copper, which is widely used in the production of pipes, electrical wiring and batteries, has risen by about 25% since the beginning of the year, recovering from a sharp drop in prices in April caused by the escalation of the trade war unleashed by the Trump administration.
The main reason for investor concern now is supply problems, in particular suspension of mining at Indonesia’s largest Grasberg mine, owned by Freeport-McMoRan Inc., after a deadly landslide.
Aluminum rose to its highest level since May 2022, but later gave up some of its gains and traded 0.1% below its previous level. The light metal posted a fourth straight week of gains, supported by government supply curbs in China. All other metals, except nickel, also rose.
