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VisitCopper Prices Surge 5.5% to All-Time High in New York Amid Short Squeeze
May 14, 2024, 06:57 PM
Copper prices surged to an all-time high, driven by a powerful rally and forecasts of a growing global supply deficit. Copper futures in New York surged as much as 5.5%, with Comex copper for July delivery reaching an intraday high of $5.026 a pound. The rally was fueled by a short squeeze, causing the most-liquid contract to trade at a significant premium to other market benchmarks. Copper has seen a 26% increase since breaking out in March and a 24% rise since a recent tweet. The metal is now closing in on all-time highs, hitting its highest level since April 2022. The tight supply outlook has attracted demand from momentum buyers in the HG_f and LME futures contracts. Copper also saw its highest volume since November 2016, with prices nearing the $5.00 resistance level.
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Markets
No • 50%
Yes • 50%
Comex copper prices reported by major financial news outlets
No • 50%
Yes • 50%
Comex copper prices reported by major financial news outlets
No • 50%
Yes • 50%
Trading volume data published by Comex
No significant change • 33%
Significant increase • 34%
Moderate increase • 33%
Analysis reports and price data from major commodities analysts and financial news
Between $4.50 and $5.00 • 25%
Above $5.50 • 25%
Between $5.01 and $5.50 • 25%
Below $4.50 • 25%
Closing prices on Comex reported by financial news outlets
Decrease operations due to other factors • 34%
Increase mining operations • 33%
Maintain current operations • 33%
Public statements and press releases from major copper mining companies