Copper Prices Decline as Market Shifts Focus Away from Tariffs
Copper prices declined for a second consecutive session in New York on Thursday, as data from China shifted market attention away from tariff-driven copper flows that pushed prices to record highs earlier this week.
The September copper futures contract on Comex fell by 0.2% to $6.67 per pound, down from its recent record highs. The official cash copper price on the London Metal Exchange (LME) rose to $14,525 a metric ton at Wednesday's close, up $355 over the past week.
The premium of cash copper over the three-month contract also widened again, reaching $189 after collapsing earlier this month when traders rushed to deliver metal into LME warehouses. This indicates that supply conditions remain tight and are not easing despite the recent price rally.