Copper surged to above $4.75 per pound in the first week of March, closing on the record high of $4.9 hit in May 2021 on concerns of supply disruptions due to war in Ukraine and low global stockpiles. Copper stocks held by LME, Shanghai Futures Exchange and Comex fell to just 200,000 tonnes in February, enough to cover only 3 days of global consumption. Suppliers are especially low in Europe and although Russia accounts only for 4% of global production Europe is the main export market. Adding to woes, the biggest producer Chile, recorded its lowest January output since 2011 with production sinking 15% compared to December and 7.5% from January 2021. On the other side, copper usage is surging, especially in developed countries, with increasing demand for electric vehicles and wind farms, solar panels, and the power grid. Copper Price - Previous 6 Months:
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