Copper Nears Record $14k Amid US Supply Surge

Copper prices continue to rise, nearing $14,000 per ton as traders monitor the impact of growing copper volumes in the US. The metal's price increased by 0.5% to $13,938 a ton at 2:17 p.m. Shanghai time, with all six main metals on the London Metal Exchange recording gains.

The large influx of copper into the US has put pressure on global supplies, leading to higher prices in other regions. According to IHS Markit shipping data, more than 200,000 tons of copper arrived at US ports in July, the largest monthly volume recorded since 2014.

Despite uncertainty over potential tariffs on refined copper from Washington, the premium for US prices remains intact, making the trade profitable. The Commerce Department was scheduled to deliver a recommendation by June 30, but no decision has been announced yet.