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Copper Soars to Record High Amid Supply Squeeze
26 Aug
Summary
- Copper prices reached a record high on Tuesday.
- Short-term copper supplies remain extremely tight.
- The metal has surged 16% this year on the LME.
Copper prices have extended their gains, building on a record high achieved on Tuesday. The market faces persistently tight short-term supplies, even after a severe squeeze last week has somewhat eased.
This year alone, the price of copper has climbed approximately 16% on the London Metal Exchange. A primary driver for this remarkable increase is the substantial volume of the metal being shipped to the United States. This significant outflow has led to a sharp depletion of available supplies, contributing to the upward pressure on prices.
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