Copper Prices Soar on Tight Global Supply and Record Premiums

Copper futures surged 3.23% as global supply pressures intensified, fueled by record-high Shanghai copper premiums and critically tight US warehouse inventories.

The move is further supported by persistent bullish momentum, with copper sharply above its 20-day, 50-day, and 200-day moving averages.

US warehouse stocks are nearing capacity, with an additional 100,000 tonnes set to arrive soon. Production disruptions in Chile, Indonesia, and Congo, combined with shrinking stocks and increased Chinese demand, have limited global supply.

The technical indicators confirm strong bullish momentum, with copper trading above key averages and a five-day forecast range of $6.6956 to $7.1091.