United States Copper Index

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Chile, the top copper supplier, has cut its production forecasts for this year and next, worsening global copper supply issues and pushing prices near record highs. This adjustment highlights the challenges in the copper industry due to rising demand and supply constraints.

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Copper Supply Concerns Rise as Chile Cuts Production Forecasts

Comex Copper for May delivery rose 0.33% to $6.2720, marking the fifth highest close in history. It ended a two-session losing streak and has increased in nine of the last 13 sessions. The price is 5.48% below its 52-week high of $6.6355 and 44.83% above its low of $4.3305. Year-to-date, it has gained 11.40%. Today's settlement is the fifth highest this year.

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Comex Copper Settles 0.33% Higher at $6.2720 — Data Talk

Copper prices on the London Metal Exchange have dropped to a one-week low due to inflation and anticipated interest rate hikes, which have bolstered the U.S. dollar. Morgan Stanley warns of a critical shortage in scrap copper supply, raising concerns about future price support.

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Copper Prices Drop to One-Week Low Amid Inflation and Rate Hike Expectations

NIKL

Economist Steve Hanke highlights a surge in China's sulfuric acid export prices, now nearly 12 times their May 2024 levels, amid disruptions from the U.S.-Israeli war on Iran. This has sparked discussions of a new commodity supercycle, as sulfuric acid's importance in fertilizer and metal production tightens global supply chains. Analysts warn that China's export restrictions could impact copper and nickel production in reliant countries, raising costs for miners and fertilizer producers.

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Sprott Nickel Miners ETF

Top Economist Says A Little-Watched Chemical Could Be Signaling The Start Of A New 'Commodity Supercycle'

Copper prices eased on Friday, down 0.99% at $13,800 per metric ton, despite a potential weekly gain. High prices are curbing demand in China, leading to a decline in new orders. SHFE copper stocks have started to rise, indicating increased supply. Other base metals also saw declines, influenced by rising oil prices and a stronger U.S. dollar.

Fidelity

METALS-Copper eases as high prices pinch demand; on track for weekly gain

A Bloomberg index of commodities excluding energy has reached record highs, driven by the AI race. The index surpassed its 2011 peak, with significant contributions from industrial and precious metals, particularly copper and silver. Copper prices have soared due to rising demand from AI data centers and electrification trends, while silver has seen a surge in industrial usage. Supply constraints, including export restrictions and production issues, further amplify the demand for these metals, indicating a structural shift in the commodities market.

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Something Historic Is Quietly Lifting Commodities To Records — And It's Not Hormuz

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Front Month Comex Copper for May delivery rose 2.32% to $6.6355, marking a new record high. It has increased for four consecutive sessions, totaling an 8.29% rise over the last four sessions. The price is up 53.23% from its 52-week low and 43.91% from a year ago. Year-to-date, it has gained 17.86%.

Spdr Material

USCF Daily Target 2X Copper Index ETF

Comex Copper Settles 2.32% Higher at $6.6355, Sets Record High — Data Talk

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COIN

Bitcoin (CRYPTO: BTC) has dropped to $79,000 as the copper-to-gold ratio surpassed its 200-day moving average for the first time since September 2020, historically indicating potential Bitcoin bull runs. The current ratio is 0.00142, with copper at $6.65 per pound and gold at $4,700 per ounce. The correlation between Bitcoin and the copper-to-gold ratio is strengthening, suggesting a possible early-stage crypto rally. Despite the pullback, Bitcoin is testing support at the ascending channel's middle trendline, with critical support levels at $78,796 and $77,500.

- Bitcoin (CRYPTO: BTC) has fallen to $79,000 following a significant rise in the copper-to-gold ratio, which has historically indicated upcoming Bitcoin bull runs.  
- The current copper-to-gold ratio is 0.00142, and past increases in this ratio have preceded major Bitcoin price spikes.  
- Although the correlation between Bitcoin and the copper-to-gold ratio remains negative, it shows signs of strengthening, suggesting a potential early stage in the current crypto rally.

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If You Want To Know Where Bitcoin Is Headed Next, Watch The Price Of Copper

Copper prices have risen for eight consecutive sessions, reaching their highest level since January 29, driven by bullish technical signals and strong demand forecasts. The London Metal Exchange reported a 0.9% increase in benchmark three-month copper prices, while aluminium also saw gains, hitting its highest in nearly four weeks. Factors supporting copper prices include robust factory activity data and concerns over supply disruptions due to geopolitical tensions. The Yangshan copper premium indicates strong demand from China, and U.S. copper futures are trading at a significant premium over LME prices, influenced by potential import tariffs.

fidelity

METALS-Copper keeps pushing towards January record high, aluminium gains

Copper prices have reached record highs above $6.60 per pound, driven by supply disruptions and increased demand from AI-related infrastructure. The CPER ETF, which tracks copper futures, surged to $40.46, marking a 15.7% increase this year. The price of copper has risen approximately 75% since October 2023, with significant contributions from declining inventories in China and supply issues at major mines. China's exports also rose 14% in April, further tightening the copper market.

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Copper Prices Hit Record High As AI Data Center Boom Fuels Global Supply Crunch, Pushing CPER ETF Higher

United States Copper Index(CPER.US)