Copper Prices Plummet as LME Stockpiles Swell

Copper prices on the London Metal Exchange (LME) have plummeted to their lowest point in over two months, falling below $14,000 per tonne.

This sharp decline marks the steepest single-day drop since July 23 and is attributed to a surge in available stocks. On-warrant LME copper inventories rose by a whopping 20,025 tonnes, pushing the total to 123,100 tonnes, the largest daily increase since April 7.

The supply squeeze that had been driving prices upward has eased significantly with the influx of fresh deliveries into LME warehouses. This improvement in availability is reflected in the narrowing of spreads, with the LME cash/3M copper spread now at $248 per tonne.