Copper Prices Soar to Record High Amid Supply Squeeze
Copper prices have surged to a record high on the London Metal Exchange (LME), exceeding $14,850 per tonne in cash transactions. This milestone comes as traders face an ongoing squeeze in near-term supply.
The benchmark three-month contract has also risen to around $14,315 per tonne, nearing its January record of $14,500. Premiums for immediate copper delivery have widened significantly, with the cash-to-three-month spread reaching levels last seen during the historic LME squeeze of 2021.
The sharp drawdown in copper inventories across LME-registered warehouses is contributing to the price surge. Traders are positioning for the possibility of US tariffs on refined copper, and copper has continued to flow towards US ports due to higher prices in the American market.