Copper Hits Six-Month High Amid LME Supply Worries

Copper prices have hit their highest level in over six months as concerns about supply on the London Metal Exchange (LME) continue to mount.

The benchmark copper price rose by 1.1% to $14,310 a metric ton in official LME trading after reaching $13,396 earlier.

Inventories in LME-approved warehouses have halved since May to less than 210,000 tons as traders shifted copper to the United States ahead of possible tariffs on refined-metal imports.

Analyst Albert Mackenzie from Benchmark Mineral Intelligence expects record-high imports for July, but rising premiums for near-term copper contracts over longer-dated futures could attract metal back to LME warehouses.