Copper Hits Highest Close in History as Debasement Trade Lifts Gold, Silver, Bitcoin

Copper futures settled at $6.71 per pound on the COMEX, marking the highest closing price ever recorded for the metal. The move coincides with a broader “debasement trade” that is boosting both precious metals and Bitcoin.

Record Copper Close

On Tuesday, copper futures ended at $6.71 per pound, up about 1.6% according to market data. The rise follows a supply squeeze, with London Metal Exchange stockpiles down 14% since late July and reduced output forecasts from Chile and an outage at Indonesia’s Gresik smelter.

Monetary Backdrop

The U.S. Treasury recently doubled its maximum bond buyback size to at least $4 billion, a move viewed by some analysts as a form of stealth easing that could pressure the dollar. The dollar index is near three‑month lows after a recent losing streak.

Gold and Silver Gains

Gold traded around $4,666 per ounce, tracking its best month since 1999 and rising for five consecutive weeks. Silver held near $69 per ounce, with analysts noting potential further upside.

Bitcoin Rides the Wave

Bitcoin traded near $78,900, briefly topping $81,000—the highest level since May. The cryptocurrency’s 22% weekly gain was its sharpest three‑day rally in years, aided by the liquidation of over $4 billion in short positions.

Outlook

Future Treasury buyback operations will be closely watched for signals on dollar pressure, which could influence the continued strength of copper, precious metals, and Bitcoin.