LME Copper Hits Record Highs
Copper has reached a new all-time nominal high of $11,200 per metric ton on the London Metal Exchange.
Both macro and micro drivers have turned price-positive, with fund managers increasing their long positions on the LME copper contract to levels last seen in March.
- Investment fund long positioning has risen significantly.
- The threat of a trade war between the US and China, the world's largest copper consumer, had previously negatively impacted copper prices.
The partial truce agreed by US President Donald Trump and Chinese President Xi Jinping has lifted some of the macro weight on copper prices.
Copper's demand prospects are improving, while its supply challenges are accumulating.
Author's summary: Copper prices surge to record highs due to positive drivers.