Congo Export Curb Drives Copper Prices to Best Week in Months

Copper prices have surged to their best week in months due to a surprise export curb in the Democratic Republic of Congo and tight supply chain.

The market is experiencing backwardation, where spot prices are higher than futures prices, with cash copper trading $119 a metric ton above the three-month contract on the London Metal Exchange (LME).

This has led to a scramble for immediate supply, with available LME inventories falling to about 92,900 tons and Shanghai Futures Exchange stocks remaining low.

The US is moving in the opposite direction, with COMEX warehouse stocks rising for 34 straight days to roughly 654,571 tons as metal is pulled into the country ahead of a possible import tariff.