Copper prices continue to rise after reaching record highs at the close of the previous session.
Prices for three-month futures on the London Metal Exchange (LME) rose 0.5% on Tuesday to $14,349.5 per metric ton. On Wednesday, they rose another 0.5% to $14,415.5 per metric ton.
September copper futures on the Comex are trading at $6.73 per pound, which is 0.3% higher than the closing price on August 25.
The Chinese company Zijin Mining warned that flooding at a copper mine in the Democratic Republic of the Congo could lead to a reduction in the company’s production this year by 57,000 metric tons, which would put additional pressure on the market.
This year, the price of copper on the LME has risen by approximately 16% due to a significant increase in metal shipments to the U.S. and a reduction in inventories in other countries.
Earlier, the Experts Club information and analytical center released a video on global copper production and the leading producing countries – https://youtube.com/shorts/_h8iU50z8C0?si=a-XkgGEfeUxseQNa
