business π Copper hits new US record amid supply crunch
Copper prices hit a fresh all-time high in New York on Wednesday due to tariff hoarding and dwindling global supply. On the Comex, September delivery touched $6.7045 per pound, while London saw prices approach $14,500 a tonne. This rally is fueled by import tariffs and hopes for the Strait of Hormuz to reopen. Global supply is being squeezed by bans and operational issues at major mines. Analysts predict structural deficits will push copper prices even higher in the coming decade. π°