Copper Prices Rebound as Global Stocks Tighten
Copper prices have rebounded slightly on Friday, putting it on track for a small weekly gain. The benchmark three-month copper price on the London Metal Exchange rose by 0.2% to $13,626.50 per metric ton as of 0925 GMT.
The metal's recovery comes despite macro concerns, including the escalation in the Middle East conflict and its impact on global economic growth. However, a tightening of stocks outside the US has offset these worries, contributing to copper's upward movement.
China, the world's top consumer of metals, saw its Shanghai Futures Exchange copper inventories fall by 12.9% from last week to 69,610 tons, the lowest since February 2024.
The LME copper stocks of 276,775 tons are also at their lowest since March, but available inventory rose by 5.2% to 113,450 tons after a series of reverse cancellations in South Korea and Taiwan.
Comex copper stocks in the US, on the other hand, rose to a record 639,147 metric tons ahead of a possible import tariff on the metal.