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Copper Prices Surge 26% to Record High, Breaking $5.15 per Pound

May 14, 2024, 08:21 PM

Copper prices have surged to an all-time high, breaking the $5 per pound mark for the first time. This rally has been driven by a short squeeze in the New York market, with futures for July delivery reaching an intraday high of $5.026 a pound. The surge is attributed to forecasts of a growing global supply deficit and increased demand from momentum buyers, despite continued softness in China data. Copper futures in New York surged as much as 5.5%, and the most-liquid contract traded at a significant premium to other market benchmarks. The unprecedented move has prompted cargoes to be diverted to the US. The rally has seen copper prices increase by 26% since breaking out in March and 24% since a notable tweet. Copper has now reached its highest price since April 2022, with prices hitting $5.15/lb in early Wednesday London trading.