Comex copper prices reported by major financial news outlets

Copper 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.