Supply concerns boost copper prices to "rising steadily", nearing a new high of $11,000 per ton.

At a time when overall demand optimism, a series of mining accidents have triggered supply concerns, and copper prices are approaching a new test level of $11,000 per ton, nearing the historical high set last year. In the London market, three-month copper futures rose by over 1%, nearing $10,970 per ton. In other base metals, aluminum prices reached their highest level in over three years, while zinc and tin prices also rose during Friday's trading session. Copper is widely used in pipeline, wire, and battery manufacturing, and has risen by about 25% this year, reversing the sharp sell-off in April triggered by the escalation of the trade war by the Trump administration. Currently, supply issues have become a core concern for investors, including the suspension of operations at the large Grasberg mine in Indonesia under the McMoran Copper and Gold (FCX.US) due to a mudslide. As of writing, the London Metal Exchange (LME) copper price is reported at $10,894 per ton, up 0.43%. Aluminum prices rose to $2,883.50 per ton, reaching the highest record since May 2022, and this lightweight metal is expected to achieve its fourth consecutive week of gains. McMoran Copper and Gold stated this week that the world's second largest copper mine, the Grasberg mine, is still in a state of suspension, and the company will provide investors with an update on the outlook for the mine next month.