Congolese Export Ban Sends Copper Prices Soaring to Six-Month High

Copper prices have reached their highest level in six months due to concerns over supply and tightening stocks. The benchmark three-month copper price on the London Metal Exchange hit $14,275.50 a metric ton, up 1.2% from earlier in the day.

The surge is attributed to worries about reduced supply of concentrates from the Democratic Republic of Congo, which has banned exports of copper concentrate and cobalt concentrate as part of its efforts to force domestic processing and retain more value from its mineral resources.

This development has added to uncertainty over possible U.S. import tariffs, which have kept COMEX copper above the LME benchmark. The premium for LME cash copper over the three-month contract widened to $130 a ton, the most since October.