Copper Holds Firm at Record Levels Despite Inflation Concerns
Copper prices held steady near record levels on Thursday despite concerns over inflation and growth outlook. The metal has been buoyed by tight supply in markets outside the US, where large stockpiles remain concentrated.
Three-month copper on the London Metal Exchange slipped 0.07% to $14,757 a metric ton as of 0330 GMT, following a record high of $14,858.50 reached on Wednesday. The Shanghai Futures Exchange saw its most-traded copper contract rise 0.49% to 111,660 yuan ($16,646.54) a ton.
The wider market was affected by rising oil prices and inflation concerns, with other base metals trading lower. However, the LME cash copper premium against three-month has dwindled to as low as $23.50 a ton from $545 in mid-August, suggesting some inflow into LME warehouses relieved near-term tightness.