Copper prices reach a record high on Monday (March 7). The LME and COMEX listed copper at US$4.9/pound.

The war between Russia and Ukraine has caused panic as the raw material will be expected to be in shortage. As a result, people stockpiled copper concentrates for future use due to the fear of further price hiking.

The COVID-19 epidemic has pushed the copper price higher and now the war makes the copper price even higher. Furthermore, renewable energy products rely on copper due to its electricity conducting attributes, and the higher copper demand thus is pushing prices even higher.