Market history · Commodities ·
Copper passes $11,000 a tonne
On 20 May 2024 copper rose above $11,000 a tonne on the London Metal Exchange for the first time, in a rally reported by Bloomberg and MINING.COM that took the metal to a record on bets that a shortage was looming. Prices also hit records on the Comex futures exchange in New York and on the Shanghai Futures Exchange.
The case for copper rested on long-term demand from electric vehicles, power grids and renewable energy, set against a mining industry that takes many years to bring new supply on stream. Short-term, investment funds and traders drove much of the move, and the metal was volatile around the high.
It was the first of several records, and was followed by the move above $13,000 in January 2026.
The takeaway
Metals tied to the energy transition combine a long-term demand story with short-term speculation. Both drive the price.
Sources
This is a retrospective about a past event, provided for general information. It is not investment advice, does not describe RockLake's positioning at the time, and past performance is not a guide to future performance. Read the risk warning.