International silver prices topped $80 per ounce for the first time ever. Copper prices are also on the verge of breaking $13,000 per ton (t), extending a broad rally across the commodities market.
According to Bloomberg, international spot silver hit an all-time high of $84.0075 per ounce at 8:21 a.m. on the 29th Korea time. The price then eased somewhat and is trading at $74.98 per ounce as of 4:20 p.m.
Silver, a precious metal and industrial material, has surged this year as supply shortages and expectations of U.S. benchmark rate cuts converged. Since the start of the year, the price has jumped more than 182%, and analysts say it is likely to mark the highest annual gain since 1979, when oil prices soared after the Iranian Revolution.
Charu Chanana, a senior investment strategist at the European investment bank Saxo, said in an interview with Reuters, "Toward year-end, silver prices are showing a near-vertical climb," adding, "In the short term, there is also room for a pullback due to position unwinding." Still, Chanana said, "Considering expectations for additional rate cuts, geopolitical uncertainty, and demand from Central Bank for asset diversification, the structural supports underpinning precious metals prices remain in place."
At the same time, spot gold is trading at $4,517.94 per ounce. Gold set an intraday record of $4,549.92 on the 27th.
The rally is also continuing in the nonferrous metals market. International copper on the London Metal Exchange on the 29th (local time) rose 6.6% from the previous session to $12,960 per ton in transaction, nearing a break above $13,000. Copper prices topped $12,000 per ton for the first time on the 23rd.
Bloomberg said copper continues to rise as expectations spread that the U.S. Donald Trump administration could impose additional tariffs on copper next year, fueling stockpiling demand, while a weak dollar, supply disruption concerns, and a broad rally in precious metals are all reinforcing the move.