Commodities
Copper Futures Surge to New Highs Amid Tight Supply and US Tariff Uncertainty
New York copper futures touched an all-time high of $6.7775 per pound on Wednesday, but retreated under profit-taking pressure as investors exited at elevated levels.
The Comex copper futures contract for September delivery was quoted at $6.6070 per pound, down 1.6% from the intraday record high.
While the London Metal Exchange (LME) three-month copper contract remained flat from the previous day, its highest-ever closing price on Tuesday has not yet surpassed the intraday record high of $14,527.50 per metric ton set in January.
The LME cash copper premium over the three-month futures contract partially corrected, but tightness in nearby contracts persists, indicating that immediately deliverable physical copper remains difficult to obtain.