The copper price reached US$6.20 per pound on Monday at the London Metal Exchange, driven by supply restrictions stemming from the conflict in Iran. The figure approaches the record of US$6.28 set in January 2026 and marks a 9.34% rise so far this year.
The red metal rose 1.7% from Friday's close and completed four consecutive sessions above US$6. It also marked new highs at the Comex in New York, trading above US$6.40.
Experts attribute the surge to fears of shortages in inputs such as sulfur and sulfuric acid, whose exports from the Middle East were disrupted by the conflict. Analysts from XTB and Plusmining noted that these factors deepen supply restrictions despite lower demand.
From a fiscal perspective, the average price of US$5.84 in 2026 far exceeds budget projections. Economists from Gemines and EuroAmerica said this improves the state's effective revenues, although it does not alter the structural situation, and could generate between US$2 billion and US$3 billion in additional collection from taxes and royalties.
