Copper Prices Soar in New York While Dropping in London—Similar to Gold Trends
Copper prices have reached all-time peaks in New York due to concerns over tariffs and increasing demand. A banking professional from Bank of America stated that the copper market is experiencing a supply crisis. Increasing expenditures on defense alongside the growth in electric vehicle manufacturing are poised to affect both the consumption and availability of copper. This year, gold has been hitting record levels above $3,000 per ounce — however, it isn’t the sole commodity experiencing strong interest. Copper is utilized in products ranging from computers to electrical cables, and traders have been purchasing it rapidly amidst the threat of trade tariffs being imposed. Demand has remained notably robust in New York, with copper reaching a peak on Wednesday of up to $5.374 per pound — exceeding $11,840 per metric ton. This surpasses the $5.20 per pound recorded last May and marks almost a 30% increase since January. Nevertheless, copper prices ...