Copper Prices Surge Past $14,800: Will New Mines Help Ease the Supply Crunch?
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Copper Prices Surge Past $14,800: Will New Mines Help Ease the Supply Crunch?
Copper prices reached a new high on the Comex as softer US inflation eased fears of interest rate hikes. Shrinking inventories in London also indicate that supply is tightening. On August 12, Comex copper prices hit $6.7140 a pound, or about $14,802 a tonne, surpassing the previous record of $6.7045 set on August 5. It later eased to $6.6335 a pound. This surge followed the US July Consumer Price Index, which showed inflation at 3.4% year over y…
Copper prices are nearing record highs as the temporary closure of the Gresik smelter, which processes ore from the Grasberg mine, leads to a supply squeeze. Copper prices on the LME are hovering near $14,000/ton, while the September contract on COMEX traded at around $6,700/lb. On Wednesday, September copper rose to $6.7005/lb on COMEX, reaching approximately $14,772 per ton, remaining above the current record of $14,165/ton. Although it eased …
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