Copper Prices Hit Record High

Growing imbalances between global copper mining and smelting capacity have intensified supply pressures, pushing copper prices to record levels. Copper on the London Metal Exchange (LME) rose to $14,737 per tonne, or around Rs 14 lakh, marking a 50% increase from September last year. The Indian Primary Copper Producers Association (IPCPA) attributed the surge to expectations of US tariffs, declining mine supply and major shifts in global inventories.

Copper shipments to the US have increased sharply since the beginning of the year as traders sought to benefit from the price gap between the COMEX and LME markets, the IPCPA said. COMEX inventories have climbed to a record 675,000 tonnes, while stocks in LME warehouses have fallen to their lowest levels. The contrasting inventory positions have reduced metal availability in other markets, adding further pressure on prices.