Copper Prices Ease After Hitting Record High

Copper prices have retreated after hitting an all-time high of $14,875 on Thursday, as traders began to question whether the metal's strong rally has become overstretched.

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

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

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.