Copper Extends Weekly Winning Streak as Inventories Tighten

Copper prices have ticked higher for the tenth consecutive week, reaching USD14,373 per metric ton on the London Metal Exchange. The metal's inventories outside of the US are thinning, and a soft dollar has lent support to its price.

The copper market has been driven by ballooning inventories in the US, which have tightened supplies elsewhere due to anticipated import tariffs. This week's data from Shanghai shows that copper inventories fell 13% to 63,000 tons, their lowest level since January 2024. LME copper stocks also dipped by 475 tons.

Analysts at BMI, a unit of Fitch Solutions, warn that already elevated prices may limit near-term gains for copper. They note that tariff uncertainty should continue to support the metal's price, but caution that this could be short-lived.