Loading...
Market
Story
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.
View original story
Similar markets
$5.25 per pound • 33%
$5.50 per pound • 33%
Above $5.50 per pound • 34%
Below $10,000 • 25%
$10,000 to $10,999 • 25%
$11,000 to $11,999 • 25%
Above $12,000 • 25%
Increase • 33%
Decrease • 33%
No significant change • 34%