Copper prices on Monday updated the historical maximum on fears of a supply shortage in the global market. Quotes of three-month futures for copper on the London Metal Exchange (LME) by 13:25 Q1 rose by 0.3% to $11,653 per ton. At the same time during the session they rose to a record $11,771 per ton.
“Supply shortages continue to provoke panic buying,” The Wall Street Journal quoted analysts at ANZ Research as saying.
The market has been pressured this year by a series of problems at major oilfields. In addition, the build-up of stocks in the U.S. because of fears of the introduction of the authorities of the country in the next year of duties on imports of refined copper increases the risk of shortages in other regions.
Prices are also supported by the promise of the Chinese authorities to strengthen support for the economy to stimulate domestic consumption through a “more proactive” fiscal policy and the preservation of “moderately soft” monetary policy, analysts say ANZ Research.
Earlier, the information and analytical center Experts Club released a video dedicated to global copper production and the leading producing countries – https://youtube.com/shorts/_h8iU50z8C0?si=a-XkgGEfeUxseQNa.
