Explainer: Why copper prices are hitting record highs
Business
Copper is having a wild year—prices have shot up to record levels across the globe.
In India, copper futures on MCX jumped over 20% to ₹976.50/kg. London's market is pushing close to $10,000 per ton, and Shanghai has seen an 8% rise too.
It's all thanks to a mix of global economic shifts and political tensions.
Factors behind the price surge
Copper is in huge demand because it's essential for electric vehicles and green energy tech—think wind turbines and solar panels.
But supply can't keep up: major mines like Grasberg are facing disruptions, plus there are challenges in Chile and Peru.
Add in US-China trade issues and a weaker dollar from US Fed policies, and you get even more pressure on prices worldwide.