Supply and Tariff Woes Send Copper Prices to Record High above $12,000 [Yahoo! Finance]
HONG KONG EX&CL UNSP/ADR (HKXCY)
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Source: Yahoo! Finance
gain since 2009, as supply disruptions and U.S. trade policies have created concerns about shortages. On Tuesday midday, copper prices hit as much as $12,044 per ton on the London Metal Exchange (LME), crossing the $12,000 a ton threshold for the first time ever. Prices have rallied and set several record-highs since October when concerns about supply shortages intensified. Copper prices have soared by 37% so far this year, which is the biggest annual jump since 2009. The gains accelerated in the second half of the year, amid a series of supply issues in key producing countries and speculation about potential U.S. import tariffs. On the supply side, several accidents at mines in Chile and Indonesia earlier this year have reduced global copper production and tightened the physical market. This year, copper prices have rallied amid threats from the Trump Administration to impose tariffs on the industrial metal crucial for electrification and grid expansion. Trump backed off
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