Copper prices surge to an unprecedented high of $5.08 per pound, marking a staggering 30% increase year-to-date and fueling concerns of rampant inflation. This new record surpasses the previous peak observed in March 2022, coinciding with the fastest inflation rate in 40 years. Over the past three months alone, copper prices have skyrocketed by 35%, exacerbating inflationary pressures across the board. The surge represents a monumental 55% increase in just two years, prompting policymakers to scramble for solutions to secure vital supplies. With a historically high correlation between rising copper prices and US CPI inflation, experts warn of further economic turbulence ahead, underscoring the urgency for decisive action to address the burgeoning crisis.
JUST IN: Copper prices rise to a new record high of $5.08 per pound, now up 30% year-to-date.
The previous all time high of $5.03 took place in March 2022 when inflation had risen at its fastest pace in 40 years.
Over the last 3 months, copper prices are up 35%, fueling… pic.twitter.com/SxDZp01iO8
— The Kobeissi Letter (@KobeissiLetter) May 15, 2024
“We need to mine as much #copper in the next 20-25 years as we've mined in last 10,000 years.”
– Robert Friedland
Well said @robert_ivanhoe
Policymakers are scrambling now to try to secure supplies.
— Gold Telegraph ⚡ (@GoldTelegraph_) May 16, 2024