Copper Prices Surge Toward Tenth Straight Weekly Gain

Copper prices are on track to record their tenth consecutive weekly gain, a feat not seen since 1994. The metal's rally has been driven by tightening inventories outside of the United States and persistent mine-supply weakness.

Three-month copper on the London Metal Exchange rose 0.5% to $14,405 a metric ton, within striking distance of the record high of $14,527.50 set in January.

The immediate driver behind the move is a sharp drawdown in available metal beyond U.S. borders. American copper imports hit an all-time high in July as traders positioned ahead of possible tariffs on refined copper, pulling metal into U.S. warehouses and leaving other regions short.