Copper’s record-breaking rally has found fresh fuel, with prices surging to an all-time high of $14,533 per metric ton. The latest leg of the run, which has largely been driven by tariff-related trade flows, is adding to bullish bets that a lack of growth in mine supply could send prices even higher.
Those bets are gaining credibility as a string of disappointing production numbers points to a tightening supply picture. Data from the International Copper Study Group showed global mine output declined 1.1% in the first half of the year, with major producers Codelco and Freeport-McMoRan Inc. both reporting double-digit drops.
