Copper prices soar to unprecedented heights, reaching $6.2 per pound on Thursday, driven by a surge in demand for tangible assets amidst global economic uncertainties. The recent geopolitical tensions, including US President Donald Trump's military threats against Iran and his tariff policies, have further exacerbated the situation, prompting investors to seek refuge in metals. This trend is also supported by the ongoing supply constraints and strong industrial demand, particularly in the renewable energy and artificial intelligence sectors. However, the market dynamics are complex, with copper inventories in major hubs like Shanghai, London, and New York experiencing a notable increase, surpassing 900,000 tons. This paradoxical situation raises questions about the sustainability of the current price surge. As the world navigates through these turbulent times, the future of copper prices remains a topic of intense interest and speculation.
