The benchmark contract reached $5.04 per pound during European trading hours, marking the highest level since May 2024. Analysts at major investment banks have raised their year-end price targets, with several now forecasting copper to test $5.50 by Q4 2026.
Chilean production has been hampered by labor disputes at two major operations as well as ongoing water access issues affecting smelter operations in the Atacama region. Canadian producers including Teck Resources and First Quantum have benefited from the favorable price environment.
The copper-to-gold ratio has reached its highest level in three years, a metric closely watched by macroeconomic strategists as a leading indicator of industrial expansion versus risk-off positioning.