Copper advanced to a record high on the London Metal Exchange on fears the global market is heading for a supply crunch. The sharp moves higher came after a major industry conference in Shanghai last week that highlighted signs of supply stress following a year of unplanned mine disruptions.

London

Copper markets have experienced significant price increases, reaching record highs due to ongoing concerns about insufficient mine supply and the anticipation of US tariffs on refined copper. These factors have caused a large volume of copper to be directed to the US, raising fears of shortages in other regions.

Similar dynamics are affecting the silver market, where supply constraints and tariff expectations have led to a rush of metal into the US and low warehouse stocks in China. The global markets for both copper and silver remain tight, making them susceptible to further price volatility.

Fear grips copper market, leading prices to record high

What is behind this copper crunch? We seem to have talked quite a few times this year about concerns around supply on the copper side. Is that still the dominant theme? Yeah, that's right. We've not just been talking about copper supply this year, but for a number of years. And it looks like some of these concerns are starting to sort of come to a head in the market. I was at a big copper conference here in Shanghai last week and a lot of talk, a lot of discussion about what's going to happen next year. Mine supply has taken a hit this year. There's not really enough to go around for all the big new smelters around the world. And at the same time, you've got this pool of metal into the US because there's still the expectation that President Trump will put tariffs on refined copper next year. And the idea there is that there will be not enough metal left for the rest of the world. So, what we had last week was the head of Mercuria, Costas Bintas, who is a very well-known copper trader and a bullish copper trader, sort of coming out again and saying, this is going to be a huge trade. Copper is going much higher next year. So, that's the kind of cocktail of things that are pushing prices up to a record this week. So, supply is a factor for copper. Is it also a factor for silver? Yeah, that's right. And again, this sort of has a sort of US tariff story or backdrop here. Back in October, there was a rush of silver into the US because of a big squeeze on the Comex silver market. Again, that was related to sort of expectations of tariffs, but also sort of short supply in the rest of the world. And we're just going to see in the aftermath of that, there's not a lot of metal in warehouses in China. So, you've seen some supplies come out of there. It's just a sort of very stretched global market outside of the US and that makes it vulnerable to kind of price spikes, the likes of which we've seen in the past couple of days.

The White House confirmed it authorized a second airstrike on an alleged Venezuelan drug boat in September, but denied it ordered everyone on board be killed, which would be considered a war crime.

Washington

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Monday is World AIDS Day. It has been recognized globally since 1988, but this year, the U.S. government is not commemorating it for the first time.

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New Orleans

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New York

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Caracas

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Moscow

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Kyiv

Ukraine Invasion

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Tel Aviv-Yafo

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Miami

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Paris

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Colombo

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Florida

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Chicago

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Rome

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Tsim Sha Tsui

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Pope Leo XIV visited Istanbul's historic Blue Mosque, officially known as the Sultan Ahmed Mosque, as part of his trip to Turkey.

Istanbul

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The Afghan man accused of shooting two National Guard members will face first-degree murder charges for an attack that prompted President Donald Trump to declare he would freeze migration from "Third World Countries" to the U.S.

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Europe's Airbus says it is ordering immediate repairs to 6,000 of its widely-used A320 family of jets in a sweeping recall affecting more than half the global fleet, threatening upheaval during the busiest travel weekend of the year in the United States.

Leiden

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Hong Kong firefighters found dozens more bodies in an intensive search of a high-rise complex where a massive fire engulfed seven buildings, bringing the death toll to 128 with many more unaccounted for. Authorities arrested another eight people involved in the towers' renovation.

Hong Kong Island

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Ukrainian President Volodymyr Zelenskiy's powerful chief of staff, a close ally of the president who has headed Ukraine's negotiation team at fraught U.S.-backed peace talks, quit on Friday (November 28), after anti-corruption agents searched his home.

Breakdown