Production setbacks that limit supply and forecasts of increased demand as the metal is used in AI infrastructure and electrification projects are behind the development.
The price of copper has risen by over 36 percent since the beginning of the year, which is the largest annual increase since 2009.
Feared copper tariffs from the Trump administration are also contributing to American companies building up inventories right now.
The historically high price of copper is being noted at the same time as gold and silver are also at historic record levels. The price of gold has risen 70 percent since the beginning of the year and is hovering around $4,500 per ounce (31.1 grams) heading into the new year. The price of silver has more than doubled to almost $70 per ounce.
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