Copper Prices Near Record as China Supplies Tighten

Copper prices in London rose for a sixth consecutive day on September 22, pushing closer to an all-time high. The metal closed within 1% of a record high on the London Metal Exchange, which sets global benchmark prices.

The tightness in China's physical market is attributed to falling inventories and pre-holiday buying. Much of the imported copper arriving in China has gone directly to fabricators rather than warehouses, keeping spot supplies constrained according to Shanghai Metals Market.