LME copper futures hit a record high as supply shortages intensify

Gold Ten Futures, October 30, according to foreign media reports, copper futures on the London Metal Exchange (LME) hit a record high on Wednesday, mainly because of the intensification of global mine supply constraints. London copper rose 8.86% so far this month and 27.38% so far this year, mainly because of a series of production disruptions in several major copper mines, raising concerns about global supply shortages and attracting funds to flow into the copper market to be long. On Wednesday, mining giant Glencore lowered its full-year copper production forecast for 2025 to 850,000 to 875,000 tons, lower than the previous forecast of 85 to 890,000 tons, exacerbating market concerns about tight mine supply. Anglo American reported on Wednesday that copper production in the first nine months of this year fell by 9% year-on-year, indicating that global mineral supplies continue to be under pressure. Analysts at ANZ said that in addition to the support of supply-side factors, the growth of European car sales also constitutes a positive factor on the demand side.