Copper prices have reached $9,988 per metric ton, their highest level in two years, fueled by concerns over supply shortages and optimism about demand from industries such as electric vehicles, artificial intelligence, and automation. The closure of First Quantum’s Cobre mine in Panama has exacerbated supply constraints, while strong manufacturing activity in China has boosted demand. Analysts believe that the long-term energy transition trend will continue to support copper prices despite potential price corrections in the short term.