Copper Prices Plunge Amid Relief on Supply Squeeze

Copper prices have continued their downward trend, slipping to around $6.45 per pound on Wednesday.

This drop is attributed to a recent increase in metal deliveries to London Metal Exchange warehouses, which has helped alleviate a historic supply squeeze.

LME copper inventories saw a significant rise of 20,000 tons on Tuesday, marking their largest daily increase since April. Trafigura Group was reportedly responsible for a substantial portion of the inflows.

This development is a contrast to earlier this month when copper rallied to record highs due to tightening global supply and arbitrage trade ahead of potential US import tariffs.