Copper Price Retreats After Hitting Record High on Profit-Taking

Copper prices have retreated after hitting a record high of $14,875 on Thursday, as traders weigh whether the metal's September rally has become overstretched.

The three-month copper price on the London Metal Exchange fell by 0.2% to $14,743 a metric ton by 0937 GMT.

Ole Hansen, head of commodity strategy at Saxo Bank, noted that 'we may be starting to see a mismatch between short- and long-term drivers,' raising the risk of a pullback as some near-term bullish forces begin to fade.

Hansen also mentioned that the surge in LME prices has narrowed the premium of COMEX copper over the global benchmark and slowed daily inflows into COMEX warehouses, where stocks stand at 696,259 tons.