Copper Prices Scale Record High Amid Tight Supplies Outside US

Copper prices reached an all-time high on Monday, fueled by concerns over tight supplies outside the US. The benchmark copper price on the London Metal Exchange (LME) hit $14,533 a metric ton, surpassing its previous peak of $14,527.50 in January.

Traders say volumes will remain muted due to a US holiday, but attention remains focused on copper and zinc. Comex copper stocks currently stand at a record 766,795 short tons, or 695,624 metric tons, with large volumes being shipped to the US since President Donald Trump's import tariffs in February last year.

'It's hard to know what will happen on tariffs, but the longer there is uncertainty, the longer prices will remain elevated as material flows to the US,' said Albert Mackenzie, an analyst at Benchmark Mineral Intelligence. Elevated premiums for nearby contracts over longer-dated forwards have encouraged some copper to flow back to the LME.