Commodities
Copper Prices Surge to Near-Record Levels Amid Market Tightening
Copper prices have surged to near-record levels, trading at around $14,500 per tonne. This increase is accompanied by tightening in the London Metal Exchange (LME) market, which has intensified sharply.
The LME copper stocks have fallen for 42 consecutive days to 204,975 tonnes, with nearly half of the remaining material reportedly earmarked for withdrawal.
Supply-side constraints are also contributing to the pressure. Chilean copper production remains around 5.5 million tonnes per year, while Indonesia's 342,000-tpy Gresik smelter is currently offline.