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Copper prices rebounded to near record levels on Wednesday, rising 0.6 percent amid renewed warnings of a significant supply shortfall that is expected to lag behind accelerating global demand.
Three-month futures on the London Metal Exchange (LME) closed at US$11,556.50 per tonne, extending gains after the metal hit a record US$11,771 per tonne earlier in the week. The rally followed optimism over China’s economic outlook — the world’s largest consumer of copper.
This is according to a commodity price update report obtained from Mining.com on Thursday.
Copper, a critical input for renewable energy systems, electric vehicles and data centres, has seen its long-term outlook strengthened by persistent mine disruptions and rising expectations of a potential United States tariff on the metal.
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“We believe a period of higher prices is needed to spur investment in new copper production, and
The firm added that, “The interplay of AI-driven data center growth, EV expansion and a global shift toward dovish economic policy sets up a strong case for copper demand.”
The record-setting surge earlier in the week was followed by a brief pullback of up to 1.3 percent, triggered by signs of weakening Chinese demand. New data showed that producer prices in China fell for the 38th consecutive month, heightening concerns about industrial activity.
The earlier dip also came ahead of Wednesday’s U.S. interest rate decision, a key signal for economic prospects in the world’s largest economy heading into next year.
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