LME copper contracts climb to highest levels since January as tight supply outweighs recession fears and geopolitical risks.
Copper prices approached an all-time high Monday, with the London Metal Exchange’s three-month contract rising 0.5% to $13,643 a ton. The rally reflects a severe supply crunch overshadowing concerns over a global recession and geopolitical tensions.
The metal last traded at these levels in late January, when prices briefly surpassed $14,500. Other industrial metals followed, with aluminum up over 2% and nickel gaining 1.9%, lifting the LME’s overall price gauge.
Traders appear to be dismissing traditional ‘war discounts’ as fundamentals drive the market, prioritizing supply constraints over macroeconomic headwinds.