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

Copper prices have hit their highest in six months due to concerns about tightening copper stocks and reduced supply from the Democratic Republic of Congo. The benchmark three-month copper on the London Metal Exchange rose by 1.2% to $14,275.50 a metric ton, reaching its highest level since January 29.

The Congolese government has banned exports of copper concentrate and cobalt concentrate in an effort 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, signaling tightening conditions for near-term supply.

The total copper stocks in the LME-registered warehouses stand at 226,650 tons, the lowest since mid-February. Additionally, StoneX estimated that at least 1.2 million tons of copper have entered the U.S. since February 2025, leaving about 64% of globally visible inventories in the country.