Copper Prices Reach Record High Before Easing Back

Copper prices set another record high in New York early on Wednesday before retreating as signs that the squeeze gripping the London market eased.

The Comex copper for September delivery touched $6.7775 a pound (about $14,940 a tonne) in early trading, a fresh all-time high, before falling 1.6% to $6.6070 by late morning in New York.

The market remains tight ahead of Washington's tariff decision, with supplies outside the US still limited. Last week's blow-out in LME spreads has partly unwound, but the gap at $127 at Tuesday's settlements indicates that metal for prompt delivery is still hard to find.