Copper Prices Soar on Congo Export Curb and Low Inventory

Copper prices have surged to their best week in months due to a surprise export curb in the Democratic Republic of Congo and low exchange inventories.

The London Metal Exchange (LME) cash copper price is $119 per metric ton above the three-month contract, indicating that buyers are scrambling for immediate supply.

The scarcity of available stocks has led to a steep cash-to-three-month gap, making holding metal now more attractive than leaving it in exchange warehouses.

In related news, COMEX warehouse stocks have risen for 34 straight days to about 654,571 tons as metal is pulled into the country ahead of a possible import tariff.