Copper prices on the London Metal Exchange have surged above 11800 USD marking a new all time high in global markets. Over the past year this metal has delivered a strong 30% return driven by concerns over supply disruptions and rising demand from electric vehicles and AI related infrastructure. The upward momentum suggests copper may continue setting new records.
Large withdrawals from LME warehouses last month were likely driven by fears that the United States may impose taxes on refined copper next year. Copper has also benefited from the weaker US dollar following expectations of Federal Reserve rate cuts
Next major upside target:13000 USD
Large withdrawals from LME warehouses last month were likely driven by fears that the United States may impose taxes on refined copper next year. Copper has also benefited from the weaker US dollar following expectations of Federal Reserve rate cuts
Next major upside target:13000 USD
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.