Copper prices near $11,000 per ton on LME
Copper neared $11,000 per ton on the LME in October 2024—a significant rebound from August lows.
Prices dipped in April when tariff worries faded, but quickly bounced back after a mudslide shut down Freeport-McMoRan's Grasberg mine.
With inventories at multi-year lows and demand holding steady, the market's feeling the pinch.
Supply shortages and steady demand driving prices up
Major supply shortages are the big reason—Grasberg's halt plus mine outages in Chile have tightened things up.
Demand is holding steady thanks to copper's key role in wiring, batteries, and green tech, even if the global economy feels a bit uncertain.
In the US, copper wire prices hit a five-year high and are still climbing.
Prices likely to remain high in the near term
Unless new mines open or demand drops off, high prices are likely here to stay for a while.
On October [date], copper closed at $5.144 per pound in the US—up 0.66% for the day and nearly matching last month's peak.
For anyone watching the market, it's a classic case of supply struggling to keep up with demand.