Copper prices are nearing record highs.

VTV.vn - Copper prices have surpassed $14,000 per ton, nearing a historical peak due to tight global supply, while strong demand from China continues to support the market.

Copper prices continued their upward trend, surpassing the $14,000/tonne mark and approaching the record high set earlier this year, as supply risks increased due to operational disruptions at mines worldwide .

As of 11:06 AM on May 13th in Shanghai, copper prices had risen 0.5% to $14,099 per ton. Other base metals also saw price increases, with aluminum rising 0.3% to $3,574 per ton and tin increasing 0.5% to $55,070.

Earlier on the London Metal Exchange (LME), the metal rose for the eighth consecutive session to reach $14,196.50 per ton, close to its all-time high of $14,527.50 per ton recorded in January.

Tightening sulfur supplies from the Middle East have threatened production prospects at several African mines, exacerbating ongoing disruptions at other major mining regions globally.

However, demand for the metal remains strong, primarily thanks to China – the world's largest copper consumer – seeing robust buying from the power grid, renewable energy, and artificial intelligence sectors.

Notably, copper futures contracts on the Comex exchange in New York surged to a record high of $6.69 per pound (1 pound = 0.0005 tons), primarily driven by expectations that the U.S. will impose tariffs on imported refined copper. These potential tariffs would attract refined copper into the U.S. and drain supply from other regions. This is part of a larger effort to boost copper supply to the U.S. market, as the metal plays a crucial role in the increasingly widespread electrification worldwide.

Meanwhile, in China, mines are facing increasingly severe shortages of raw materials. This situation has begun to affect the country's refined metal production.

Data from consulting firm Beijing Antaike Information Co. shows that China's refined copper output reached 1.05 million tonnes in April, down 3% from the previous month. This decline comes as refining costs continue to plummet and restrictive invoicing regulations tighten the supply of scrap metal used as a raw material. Beijing Antaike Information added that output could fall further in May due to maintenance at smelters.

Source: https://vtv.vn/gia-dong-tien-sat-muc-cao-ky-luc-100260513141520096.htm