• Copper has risen almost $2500/ton in less than two months

• May's high at $14196/ton is close to Feb's $14527ton record peak

• Shortage of copper used for AI, EVs, grids and renewables

• Chile and Peru are world's largest exporters

• Peso and sol float freely and are supported by i/rates of 4.5 and 4.25%

• Indonesia, Australia, Brazil, Canada and Mexico also export copper

• Next target for copper is $14911/ton ($18122 is main target)

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Copper


(Jeremy Boulton is a Reuters market analyst. The views expressed are his own)