FX.co ★ Copper Scales Record Levels on Supply Worries

Copper futures rose above $6.70 per pound on Friday, setting a new record high as intensifying global supply risks continued to underpin the market. The Democratic Republic of Congo’s ban on copper concentrate exports underscored a broader shift among resource-rich countries seeking to capture more value by developing domestic refining and processing capacity. At the same time, lingering concerns about potential US import tariffs on copper have been redirecting material away from international trade flows and into US warehouses. Supply worries were further exacerbated by the prospect that operations at parts of Codelco’s flagship El Teniente mine could remain halted for up to two years. On the demand side, copper continued to benefit from robust expectations for power grid upgrades and data center construction, as the worldwide push toward electrification and artificial intelligence keeps driving consumption higher.