Copper prices near record high due to supply disruptions
Copper prices have jumped to $11,000 per metric ton, almost matching their May 2024 record.
The main reason? Major supply hiccups—like a long shutdown at Indonesia's Grasberg mine, causing a significant supply disruption.
These setbacks are making copper harder to get.
From surplus to deficit
Because of these disruptions, experts now expect a copper shortage in 2025—flipping from a surplus to a deficit of nearly 400,000 tons.
Prices shot up by 3.1% before settling at $10,901, while copper stocks on the London Metal Exchange dropped to their lowest since July.
Basically, there's not much copper to go around right now.
A ripple effect on other metals
It's not just copper feeling the squeeze. Aluminum prices hit a three-year high at $2,807.50 per ton, and metals like zinc, tin, nickel, and lead are also climbing.
The takeaway? Ongoing supply issues are shaking up the whole base metals scene.