Copper nears record high $14,196.50 amid sulfur shortage, mine disruptions
Business
Copper just shot up to $14,196.50 per ton, near a record high, after eight straight days of gains.
Why? Major mines are facing disruptions and there's a shortage of Middle Eastern sulfur, which is key for processing a big chunk of the world's copper.
This has threatened production at some mines in Africa and made copper even harder to get, all while demand stays strong.
Aluminum $3,667 and base metals advance
It's not just copper making moves: Aluminum reached $3,667 per ton (the highest since 2022) thanks to tighter supplies and more withdrawals from warehouses.
All other base metals also advanced as supply issues ripple across the metal market.
With ongoing shortages and steady demand, prices for these base metals aren't likely to cool off anytime soon.