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Copper futures prices soared to a two-year peak, driven by a combination of sanctions on Russian metals, tight market conditions, and robust structural demand.
Recent trading on the London Metals Exchange saw three-month futures climbing 1% to reach $9,997.5 a ton, after reaching an intraday high of $10,033.5—a level not seen since March 2022 when prices hit a record $10,707.5 a ton.
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Over the past week, copper futures have surged by 1.3%, marking a substantial 17% increase since the beginning of the year.
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