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Copper prices surged to their highest level in three months this week, driven by a weakening U.S. dollar and tightening supply.
London Metal Exchange (LME) cash settlement prices surpassed $10,000 per metric tonne for the first time this year, marking a significant milestone in the commodity’s recent rally.
The uptrend is underpinned by falling LME copper inventories, which have declined to 93,075 tonnes — roughly one-third of the stock levels recorded in January. A weaker U.S. dollar has also supported demand by making dollar-denominated commodities more affordable for buyers using other currencies.
Analysts cite both short-term supply constraints and long-term structural demand for copper in green energy technologies as contributing factors. Market participants are closely watching macroeconomic indicators and industrial activity in top consumer China for further direction.
Copper is widely regarded as a bellwether for global economic health due to its broad industrial applications.
