Copper Prices Slide Below Record High Amid US Inventory Buildup
Copper prices dipped below their record high on Wednesday due to growing inventories in the United States. The benchmark three-month copper price on the London Metal Exchange fell by 0.55% to $14,628 a metric ton after reaching an all-time high of $14,779 on Tuesday.
The most-traded copper contract on the Shanghai Futures Exchange rose by 0.44% to 110,740 yuan ($16,509.38) a ton. Analysts expect copper prices to reach $15,000 this week as supply tightness remains in focus due to potential tariffs on refined copper imports.
Senior metals analyst Natalie Scott-Gray at brokerage StoneX estimated that over 1.2 million metric tons of copper have entered the US since Washington launched its Section 232 investigation into copper last year, leaving available material outside the country at 'historically low levels'. COMEX managed-money long positions have reached near five-year highs.