Copper Prices Soar Toward Record High on Tightening Markets
Copper prices are on track to reach their 10th consecutive weekly gain, setting it up for a record close. The benchmark three-month copper price on the London Metal Exchange (LME) has risen 0.5% to $14,405 per metric ton as of 1600 GMT. This marks its highest level in recent history, with the metal within striking distance of its all-time peak of $14,527.50.
The surge in copper prices is attributed to thinning inventories outside the U.S., which has tightened the market elsewhere. The Shanghai Futures Exchange data showed that copper inventories fell 13% from last week to 63,000 tons, the lowest since January 2024. LME copper stocks also dipped by 475 tons, with orders to withdraw another 1,550 tons.
According to BMI, a unit of Fitch Solutions, the tariff uncertainty should continue to support copper prices. However, already elevated prices are 'likely to limit near-term gains.'