Copper price soars to new high as stockpiles hit 47-year low

Copper price hit a record high on Friday as surging power prices threaten to curb supply at a time when exchange stockpiles are at rock bottom.

Copper for delivery in December rose sharply for the third day in a row on the Comex market in New York, touching $4.7810 per pound ($10,518 per tonne), the highest since the record hit on May 12, 2021 — and a 12% gain for the week.

Inventories available on the London Metal Exchange are at the lowest since 1974.