Copper Price Surges Above $14,000, Approaching an All-Time High
BlockBeats News, May 12th, the price of copper broke through $14,000 per metric ton, approaching a historical high. Concerns about rebounding Asian demand and rising supply risks have outweighed worries about the impact of the Iran war on global economic growth.
The London Metal Exchange copper price briefly rose by 0.6% to $14,025 per metric ton, approaching the historical high of $14,500 per metric ton set in January. Driven by factors such as the rebound in Asian demand and tightness in Middle Eastern sulfur supply (posing a threat to some copper production), the industrial metal copper, as a market bellwether, has recently surged.
In addition, as tech stocks soar, the price of copper is also highly correlated with the U.S. stock market. In recent weeks, the driving factors behind the rise in copper prices have been sufficient to offset concerns about the Middle East war posing a threat to the global industrial economy.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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