Copper prices rise above $14k, approaching historical highs

BlockBeats News, May 12 — Copper prices broke through $14,000 per ton, approaching a historical high, as concerns about a rebound in Asian demand and rising supply risks outweighed worries about the impact of the Iran war on global economic growth.

Copper prices on the London Metal Exchange rose by as much as 0.6%, to $14,025 per ton, nearing the historical high of $14,500 per ton set in January. Driven by a range of factors, including a rebound in Asian demand and tight sulfur supply in the Middle East (which poses a threat to some copper production), industrial metal copper, a market bellwether, has recently been surging strongly.

In addition, as technology stocks surged, copper prices have also been highly correlated with the U.S. stock market. In recent weeks, the factors driving copper prices have been enough to offset concerns that the Middle East war poses a threat to the global industrial economy.