Copper Prices Surge Amid Supply Concerns and Tight Inventories

Copper prices have risen on supply concerns and tight inventories outside the U.S., putting them on course for their strongest week in almost three months.

The benchmark three-month copper price on the London Metal Exchange was up 0.3% at $14,141 a metric ton by 0850 GMT, with a weekly gain of 2.5%, its biggest since the week to May 8.

LME copper touched a six-month high of $14,369.50 on Thursday after Reuters reported that the Democratic Republic of Congo had banned copper concentrate exports with immediate effect.

Available LME copper stocks declined to 92,900 tons, the lowest since January, following further warrant cancellations, orders to withdraw metal from warehouses, mostly in Kaohsiung.