Copper on the LME skyrocketed to record highs as speculative money poured into the copper market

Gold 10 Futures, May 21, according to foreign media reports, copper futures on the London Metal Exchange (LME) rose strongly on Monday, hitting a record high of more than $11,000 per ton, as speculative funds went bullish; technical buying and short covering, further driving copper prices soaring. One trader said Monday's surge was related to short covering and follow-the-trend buying. The situation was similar on the New York Mercantile Exchange (COMEX). He added that producers entered the market and sold, which seemed to calm the market a bit. Monday's closing price was nearly 2% lower than the intraday high. Analysts at ING said sentiment in the copper market was bullish, which was reflected in speculative buying in the market, but short-term fundamentals remained a concern. However, in the long run, copper prices will rise due to stronger cyclical consumption, accelerated demand in the electric vehicle industry, and new applications such as artificial intelligence data centers that will drive demand growth.