$14,533 per metric ton: Copper prices hit fresh record as buyers target shortages outside the U.S.
Copper reached a new peak on Monday driven by fears of global supply gaps and a weaker dollar. Traders remain cautious due to a U.S. holiday, though stocks in American warehouses remain at an all-time high.
Benchmark copper on the London Metal Exchange (LME) touched $14,533 per metric ton on Monday, surpassing its previous record set in January. Prices settled at $14,518 by 15:15 GMT after gaining 0.7%. Buying activity surged because traders fear shortages of the metal outside the United States. Since February last year, import tariffs mooted by President Donald Trump have prompted producers and traders to ship large volumes of copper into the U.S. Current Comex stocks sit at a record 766,795 short tons. Albert Mackenzie of Benchmark Mineral Intelligence noted that tariff uncertainty keeps prices elevated as material flows toward America. Elevated premiums for nearby contracts indicate physical copper is returning to the LME system. However, cancelled warrants reached 51%, signaling that over 121,000 tons likely leave the LME within weeks. The cash premium climbed above $430 per ton in mid-August.
