Copper Prices Reach Record High on Comex Amid Supply Concerns

Copper prices surged to a record high on the Comex market, reaching $6.7140 per pound ($14,802 per tonne) in New York, exceeding the previous high of $6.7045 set on August 5.

The September contract peaked at $6.7140 before retreating to $6.6335, roughly flat on the session, while the December contract climbed to $6.8070 and September 2027 delivery changed hands at $7.0280 per pound.

Cash copper on the London Metal Exchange closed Tuesday at $14,424.50 per tonne, a $207.50 premium over the three-month contract at $14,217.00, as buyers paid up for nearby metal.

Comex copper traded near $14,625 per tonne, about $400 above the LME three-month price, and warehouse inventories fell to 214,550 tonnes, down more than 35,000 tonnes (14%) since July 31.