Copper Hits New Comex Record as London Supply Squeeze Intensifies

Copper prices have reached an all-time high on the Comex exchange, with September copper climbing to $6.7140 per pound, equivalent to $14,802 per metric ton.

The price surpassed the previous record of $6.7045 set on August 5 and later eased to $6.6335 per pound, leaving it little changed on the day.

The London Metal Exchange has seen a severe shortage of physical copper in London, pushing the premium for immediate delivery to its widest level since the start of the year.

Cash copper on the LME closed at $14,424.50 per metric ton on Tuesday, a premium of $207.50 over the three-month contract at $14,217.