By Admin 
Copper Price Surge: There is a tremendous rise in the prices of copper on Tuesday. The price of copper has crossed the figure of $ 13,000 per tonne for the first time. This surge is being seen due to estimates of reduction in copper supply, strike in a mine in Chile and low stock of copper in warehouses.
Even at the global level, copper prices are skyrocketing. Comex copper prices in the US increased by 4.6 percent and reached a record price of $ 5.9005 per pound or $ 13,008 per ton. Let us know, what is the reason for the increase in copper prices?
Reason for rise in copper prices
The reason behind this rise in copper prices is the decline in copper reserves in the London Metal Exchange (LME). Which has decreased by 55 percent compared to the end of August. Copper reserves in LME are 142,550 tonnes.
Most of the copper going out of the LME system has been sent to America. There, the tariff on copper is currently under review. However, a decision was taken to give exemption in import duty on import of copper from August 1.
Strike in Chile’s warehouse
Traders have expressed concern over the ongoing strike at Capstone Copper’s Mantoverde copper and gold mine in northern Chile. According to him, the fear of decreasing supply of copper has increased. This mine is expected to produce 29,000 to 32,000 metric tons of copper.
Although this is a small part of the total global production this year (about 24 million tonnes), it has still raised concerns about the impact on production.
Rise in copper prices in India
There is a rise in the prices of copper on Tuesday’s trading day. At around 12:10 pm, copper with expiry of 27 February 2026 was trading at Rs 1350.05 on Multi Commodity Exchange (MCX).
Copper started the day at Rs 1338.25. On its last day, copper had closed trading at Rs 1331.75. An increase of about Rs 18.30 was being recorded in copper from the previous day’s closing price. During the trading day, copper had reached a high level of Rs 1355.
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