Copper prices on the London Metal Exchange reached an all-time high. Three-month futures surpassed $14,700 per tonne. Supply concerns in Chile, the world's top producer, drove the rally.
Chile reported its weakest second-quarter output in 19 years. This shortfall signals the first potential annual decline in global mine production since 2017. Aging mines, declining ore grades, and operational setbacks hampered Chilean operations.
Demand for the industrial metal continues to grow. Investments in renewable energy and electric vehicles fuel this consumption. AI data centers also contribute to the rising demand.