Copper Pauses Below Record as China's Imports Slump and US Demand Soars

Copper prices paused just below record territory on Wednesday after four straight sessions of gains carried the metal to all-time highs in New York and London. The escalating conflict in the Middle East has pushed Brent crude back above $100 a barrel, reviving worries about inflation ahead of Friday's US consumer price data.

Comex copper for December delivery was up 0.5% at $6.8545 a pound (about $15,110 a tonne) by late morning in New York, after touching $6.8730 on Tuesday, the highest ever for a Comex contract and above the $6.7775 peak the September contract set on August 26.

China's imports of unwrought copper and copper products fell to their weakest level in six years in August, down from 425,000 tonnes in July to 382,000 tonnes. Meanwhile, US imports of refined copper hit a record 225,094 tonnes in July, with Chile supplying 46% and the Democratic Republic of Congo providing a record 53,290 tonnes.

The metal is being pulled into the US ahead of a proposed 15% duty on refined imports, which would rise to 30% in 2028. Comex warehouses held a record 695,624 tonnes on Friday, more than double the roughly 300,000 tonnes left in LME and Shanghai sheds combined.