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Copper prices hit a new record high of $14,875 per ton, driven by a shortage of global supplies outside the United States, despite oil prices rising above $100 a barrel and the impact of this on inflation and global economic growth. This increase comes as a result of declining inventories in other markets and reduced flows into the U.S. market, along with expectations of sustained long-term demand for copper in energy and infrastructure sectors such as electric vehicles and power grids. Nevertheless, the rise in oil prices and inflation raises concerns about potential negative effects on demand for industrial metals, with attention focused on upcoming U.S. inflation data to gauge the course of monetary policy.
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