Copper prices rise above $14k, approaching a record high

Mars Finance News, May 12 — Copper prices broke through $14,000 per ton, approaching a record high. Concerns over a rebound in Asian demand and rising supply risks outweighed worries about the impact of the Iran war on global economic growth. The London Metal Exchange copper price rose as much as 0.6%, to $14,025 per ton, nearing the January record high of $14,500 per ton. Driven by factors such as a rebound in Asian demand and tight sulfur supply in the Middle East (posing a threat to some copper production), industrial metal copper, a market indicator, has recently surged strongly. Additionally, with tech stocks soaring, copper prices are also highly correlated with the U.S. stock market. In recent weeks, the factors driving copper price increases have been sufficient to offset concerns that the Middle East war poses a threat to the global industrial economy.