Copper Prices Soar Near Record Levels Amid Supply Strains

Copper prices have been trading near record highs, buoyed by tight physical conditions and supply strains. According to ING analysts Warren Patterson and Ewa Manthey, copper has been comfortably above $14,000/t on the LME, with prices holding well above this level.

The analysts attribute the strength in part to tariff-related stockpiling into the US, which has added to demand. Physical markets outside the US have also become increasingly tight, further supporting prices.

The low inventories and limited availability of copper concentrate, combined with broader supply constraints, have contributed to a firm underlying market structure.