Copper Surges Past $6.6 per Pound Amid Tightening Global Supply

Copper futures have seen a second consecutive increase in value, surpassing $6.6 per pound on Tuesday.

This rise is attributed to ongoing supply-side constraints, with data showing that copper output in top producer Chile fell by 9.4% in July from the same period last year.

Mining disruptions in major producers such as Indonesia and the Democratic Republic of Congo have further exacerbated concerns over global supply.

However, a recent supply squeeze in London appears to be easing, with the premium for spot copper over three-month futures narrowing. The London Metal Exchange has also reported improving inventories due to increased metal deliveries.