Copper prices hit a record $14,815 per ton driven by supply shortages and US tariff fears
London Metal Exchange futures for copper reached an all-time high as global inventory levels diverged sharply with massive shipments to the United States.
Copper prices on the London Metal Exchange touched record highs on Thursday, driven by tight supplies and trade concerns. Futures for the three-month contract closed at $14,815.50 per tonne, surpassing a previous high of $14,858.50 set earlier in the week according to Reuters data. The Indian Primary Copper Producers Association stated that a mismatch between global mining and smelting capacity is intensifying pressure on the market. Since the start of the year, hundreds of thousands of tonnes have been shipped to the United States to capture price premiums between Comex and LME markets. Consequently, Comex inventories rose to a record 675,000 tonnes while LME warehouse stocks fell to critically low levels. The Indian association noted that these inventory shifts were supported by expectations of potential US tariffs on copper imports, despite the Commerce Department report on such measures being nearly two months overdue.
