Copper Prices Hit Record High as London Shortage Pushes Premiums Wider
Copper prices have set a new record on the Comex exchange after a tame US inflation reading eased concerns of higher interest rates and a physical shortage in London pushed premiums to their widest level this year.
The September delivery contract touched $6.7140 per pound ($14,802 per tonne) before easing back to $6.6335, while the December contract reached $6.8070 and copper for delivery in 2027 changed hands at $7.0280 a pound.
Cash copper on the London Metal Exchange settled at $14,424.50 per tonne on Tuesday, a premium of $207.50 over the three-month contract at $14,217.00. The backwardation is the widest of 2026 and marks a significant increase from the previous day.
The Comex copper price is trading around $14,625 per tonne, some $400 above the London three-month price, while Chile lowered its copper production forecast for a second straight quarter due to weakened output at major mines.