Copper Price Reaches New Record High

Copper Price Reaches New Record High

Copper prices reached an all-time high on Thursday, May 6 due to demand from China, economic reopenings around the world, and dwindling supply. As of Friday morning, May 7, the price reached $4.70 a pound.

Analysts are now saying with demand so high and supply dropping, they are struggling to find where the price peak will be. Analysts agree that copper will be in high demand for the rest of this decade. Many believe the price will hit $20,000 per metric ton by 2025.

Just this year alone, the price of copper is up nearly 30%, and it’s up more than 140% since the beginning of the pandemic last year, when it was trading for around $2.40 a pound last May.

Meanwhile, Chile, which is the world’s top copper producer, announced this week that copper output dropped my more than 1% in March, due to COVID restrictions and national holidays. For the year, Chile’s copper production is down more than 2%.


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