Copper Hits Record High as US Becomes Top Destination

Copper prices have reached an all-time high on both the New York Mercantile Exchange (COMEX) and the London Metal Exchange (LME), with the three-month copper futures contract rising 1.37% to $14,708 per ton on the LME and the November copper futures contract closing up 2.1% at $14,971 per ton on COMEX.

The strong buying pressure in metals contributed to a 0.4% increase in the MXV-Index of the Vietnam Commodity Exchange (MXV), reaching its highest level since mid-May.

The price difference between copper at COMEX and LME is creating a large incentive for businesses to bring the metal to the US, resulting in an uneven distribution of physical copper across regions.