Copper shortages drive prices to 2021 highs

The article attributes the rise in copper prices to a global supply shortage, reaching record levels since the 2021 crisis, with the spot contract premium increasing to $110 per ton. Stocks have declined as shipments are diverted to American markets to avoid customs duties. This has resulted in reduced market liquidity and widened the gap between spot and futures prices, driven by increased demand in sectors such as data centers and renewable energy. Meanwhile, demand in China has weakened, leading to an accumulation of inventories that have grown to approximately 80,000 tons.

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