MOSCOW, December 29. /TASS/. The price of a three-month copper contract on the London Metal Exchange (LME) gained more than 6%, reaching a new all-time high, according to trading data.
The price of copper futures was up by 6.78% at $12,955.5 per ton. Later the price narrowed gains to 6.52%, reaching $12,924.5 per ton.
Since the beginning of December, metal prices have climbed by over 15%.
According to Bloomberg, copper prices are rising amid concerns about a shrinking supply of the metal. In particular, investors are betting that rushed copper shipments to the US ahead of potential import tariffs will force buyers in other countries to pay more.
Metal prices in the US remain higher than on the LME, which encourages major traders to ship large volumes of metal to the US in circumvention of any tariffs, leading to a reduction in stocks in the rest of the world, the agency noted.