Copper at historical all time high price
Copper price hits all-time high on supply disruption, historically low stockpiles as well.
Although the price of copper was at very high levels even before Russia invaded Ukraine (around previous ATH from 2010/2011) since the beginning of the invasion, the price of copper has risen over 10 percent and thus reached the highest level in history in the past few days, passing $5.000/lb early today.
Due to the global market deficit, on the eve of Vladimir Putin’s invasion, copper inventories at LME (London Metal Exchange) registered warehouses were less than 70K metric tons, the lowest level since 2005.
While Russia is not a top copper producer, producing 3.5% of the world’s supply, it ranks alongside Australia as the world’s third-largest copper exporter. On the other hand, Russia is one of the leaders in producing Ultrafine Copper Powder.
Since our Cuprum Coin is a copper-based product, it is clear that it has gained in value with these events. It is vital to know that the production of 1 gram of ultra-high purity copper powder, 99.999 +%, requires between 100 and 250kg of copper, with many additional additives and high-tech equipment. With the latest sanctions against Russia, we can see additional constraints and price jumps on the global market due to diminished supply.
Cuprum Coin owns over 20 tons of ultrafine copper powder stored in security houses in Germany, with all the necessary documentation. As its value never historically diminished, you can only imagine what will happen in the coming years, as with the price and also with supply and demand.
This is precisely why CUPRUM COIN is the cryptocurrency of the future!