Copper Heads for Record Close on Tight Global Supply and Demand

Copper prices are heading for a record close on the London Metal Exchange (LME) due to tight global supply and strong demand.

The metal has gained around 0.9% in trading so far, surpassing its previous closing high set in mid-May.

Analysts at ING Bank NV point out that copper fundamentals remain supportive, with 'tight physical markets, low inventories and constrained mine supply' expected to continue driving prices up.

The unusual trade flows triggered by US import tariff uncertainty have kept New York copper prices higher than those on the LME, offering a profitable opportunity for traders before any fees are imposed.