Congo's Export Ban Sends Copper Prices Soaring to Six-Month High

Copper prices soared to their highest level in six months on Thursday, driven by concerns over tightening stocks and reduced supply from key producer the Democratic Republic of Congo.

The benchmark three-month copper price on the London Metal Exchange (LME) surged 1.2% to $14,275.50 per metric ton, its highest since January 29 when it hit $14,527.5.

The price hike was triggered by a government order in Congo banning exports of copper concentrate and cobalt concentrate to force domestic processing and retain more value from the country's mineral resources.

This move has added to uncertainty over possible US import tariffs, which kept COMEX copper above the LME benchmark. COMEX copper futures hit a record high of $6.723 per lb on Thursday, trading at a premium against LME contracts.