Copper prices consolidate near record highs as structural demand outpaces supply. The metal surged to $14,500 per tonne in February before correcting, now trading around $12,700-$13,000 on the London Metal Exchange. AI infrastructure expansion, renewable energy transition, and electrification projects are driving unprecedented copper demand. Supply constraints from declining ore grades and mining disruptions are tightening availability. Global refined copper deficits estimated at 330,000-400,000 tonnes in 2026 signal persistent bullish pressure. Geopolitical tensions, including defence spending increases and U.S. tariffs, add volatility while removing volumes from open markets. Smelting bottlenecks in China and delayed mining projects worsen supply-demand imbalances.
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