Copper prices hit $11 000 per metric ton on Thursday, a level not seen in over 16 months, as widespread disruption at mines sparks fears of a shortage of supply and attracts speculative inflows.
Benchmark three-month copper on the London Metal Exchange CMCU3 rose 3.1% to hit the $11 000 mark, within striking distance of its all-time high of $11 104.50 set in May 2024, before pulling back to $10 970 as of 1336 GMT.
The red metal has risen more than 21% so far in 2025, gaining momentum through strong demand, a weak dollar and falling interest rates, before a series of incidents at key copper mines, including a mudslide at Grasberg in Indonesia last month, fuelled the rally further.
The market is “seeing outside investment and doesn’t have much experience of the power of it,” said Alastair Munro, senior metals strategist at broker Marex.
