Copper price hits new high on declining scrap supplies

Shortages of copper and declining inventories could drive prices to levels beyond current record highs unless scrap supplies increase — scrap accounts for about a third of the roughly 30 million tonnes of annual global copper supplies.

As copper prices rise, the flow of scrap accelerates as the market attempts to cover the gap between demand and supply.

Copper for delivery in July was up 0.9% Tuesday afternoon, with futures trading at $4.7620 per pound ($10,476 a tonne) on the Comex market in New York.