Copper prices surged to a record high in Hong Kong time this morning (29th), with the three-month benchmark copper futures on the London Metal Exchange rising to USD 13,965 per tonne at one point, representing an accumulated increase of approximately 12% year-to-date. Prices of other major base metals also rose, with aluminum reaching a three-year high.
Driven by the depreciation of the US dollar, rising demand for physical assets, and the Trump administration's pursuit of a tougher foreign policy, which has intensified geopolitical tensions, commodity prices have been continuously surging this year.
Spot gold is currently up 2.43% to USD 5,548.37 per troy ounce, while February gold futures are up 4.25% to USD 5,528.8 per troy ounce. Spot silver is currently up 0.51% to USD 117.288 per troy ounce, while March silver futures are up 3.42% to USD 117.415 per troy ounce.
