Copper continued to grow, surpassing the $14,000 per ton mark and approaching the record set earlier this year. The rise in metal prices is taking place against the background of increased risks of supply disruptions due to disruptions in the work of mines around the world.
Bloomberg writes that prices for the "red metal" rose for the eighth consecutive session, reaching $14,196.50 per ton on the London Metal Exchange, which is close to the historical maximum of $ 14,527.50 recorded in January.
Problems with sulfur supplies from the Middle East have jeopardized production prospects at some mines in Africa, deepening existing disruptions at other major sites around the world. However, demand for copper remains stable mainly due to China, the world's largest consumer, where there is strong consumption in the electricity grid, renewable energy and artificial intelligence sectors.
According to the head of research at Chaos Ternary Futures Co. Li Xuezhi, multiple supply problems combined with steady demand are leading to a marked recovery in industrial metals prices as concerns about the war in the Middle East ease.
Meanwhile, in China, the shortage of raw materials at mining enterprises is deepening, which has begun to affect the production of refined copper. According to Beijing Antaike Information Co., refined copper production totaled 1.05 million tons in April, down 3% from March, after concentrate processing prices fell further and billing restrictions led to a reduction in scrap shipments as raw materials. The company added that production could decrease further in May due to maintenance at steel plants.
As of 6:06 a.m. Kyiv time, the price of copper increased by 0.5% to $14,099 per ton. Thus, 1 kilogram of metal will cost $ 14.1.
