As LME copper stocks have declined recently, the gap between cash prices and future prices has been large. Estimated metal prices on the LME (London Metal Exchange) rose last Friday, while copper posted the biggest weekly gain since 2016.
Copper price continued to rise to $ 10,452 /t today, up $ 246 /t from yesterday. ...
The metal has changed dramatically in recent times, and it was difficult for consumers who process downstream products to offer anything. Copper prices also hit their highest level since 1994.
US President Biden has pledged to cut carbon emissions by at least 50% by 2030. In addition, China's copper smelters have proposed limiting new production capacity and using more scrap copper to help meet the government's climate targets, prompting global copper prices to rise.
Copper on the London Metal Exchange hits 27-year high
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