Khaberni - Copper prices recorded a record level on Wednesday, as disruptions in some of the world's largest mines exacerbated concerns about a supply shortage.
The standard London price for this industrial metal, which is used in diverse sectors, from construction to electric vehicles, rose by 1% to reach $11,137 per ton, surpassing the previous record of $11,104 registered in May 2024.
A combination of tariffs imposed by Donald Trump on the metal and production restrictions in some of the world's largest mines led to rising copper prices.
Analysts at Jefferies stated to the Financial Times on Sunday that recent copper production has been impacted by "operational challenges at some major mines," indicating that there will be "a significant deficit in the copper market" next year.
This year saw several shocks to copper supplies, as American company Freeport-McMoRan announced this month that production at its mine in Indonesia is still halted.
Chilean mining company Antofagasta announced this month that this year's production would be at the lower end of its earlier forecasts and issued disappointing projections for next year.
The copper market also faced disruptions this year due to American tariffs on imports imposed by Donald Trump's administration.
