Copper Hit Record Prices. The Bigger Squeeze Is a 17-Year Wait for New Mines
The copper running through your walls, your air conditioner and the power lines on your street hit record prices earlier this year. Prices can move in seconds. A new copper mine takes an average of about 17 years to go from discovery to production.
TL;DR
- Copper prices reached record highs this year.
- Copper is essential for infrastructure like walls, air conditioners, and power lines.
- The copper market experiences rapid price fluctuations.
- Bringing a new copper mine into production takes an average of 17 years.
- The long lead time for new mines contributes to supply constraints.