Copper Defies Rising Oil Prices to Hold Near Record Levels

Copper prices held firm near record levels on Thursday despite rising oil prices that threaten economic growth and demand for industrial metals.

The London Metal Exchange's benchmark three-month copper contract slipped 0.07% to $14,757 a metric ton after reaching a record $14,858.50 the previous day.

While other LME base metals traded lower due to higher oil prices and inflation concerns, large stockpiles of copper remain concentrated in the US, while readily available metal in other markets remains tight.

Tighter financial conditions could weigh on economic growth and demand for industrial metals, but some inflow into LME warehouses has helped relieve near-term tightness, with the LME cash copper premium against three-month dwindling to as low as $23.50 a ton from $545 reached in mid-August.