<\/p>\n
Copper rose for a fourth day \u2014 closing in on a record high \u2014 as short-term supplies continued to look tight despite an easing of last week\u2019s severe market squeeze.<\/p>\n
The industrial metal climbed as much as 0.6% on the London Metal Exchange after posting its highest ever close on Tuesday. It has surged about 16% this year as traders ship huge volumes to the US, draining stockpiles elsewhere at a time when mine supply is also under pressure.<\/p>\n
That culminated in a blow-out in LME spreads last week, with the price for spot material climbing to more than $500 a ton above three-month futures. The gap has since narrowed, but is still significantly higher than normal. The exchange\u2019s September contract was $150 a ton above October on Wednesday, from less than $50 at the end of last week.<\/p>\n
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For almost two months, the global metals market has been braced for an announcement from the White House on its plans for import tariffs on refined copper, and metal has continued to flood into US ports and stockpiles ahead of any decision.<\/p>\n
Traders are monitoring the ebb and flow of LME inventories. Major deliveries of metal to exchange warehouses last week helped ease the crunch, but a request to withdraw more than 50 000 tons of copper on Monday stoked fresh supply concerns. On-warrant stockpiles in Shanghai Futures Exchange warehouses also fell for a fifth day on Tuesday.<\/p>\n
Benchmark three-month copper climbed 0.4% to $14 410.50 a ton on the LME as of 1:32 p.m. in Shanghai, and is nearing the all-time, intraday high of $14 527.50 set in January. Other base metals were flat.<\/p>\n
The broader backdrop for copper\u2019s surge is growing long-term demand from artificial intelligence, renewable energy and power grids. And with more supply needed, any disruptions to mine operations don\u2019t help. The global market lost about 338 000 tons in the first half due to mining setbacks in Indonesia, Democratic Republic of Congo and Chile, according to consultancy Project Blue.<\/p>\n
\u201cCopper prices remain underpinned by their own fundamentals,\u201d Jinrui Futures wrote in a note, pegging 106 000 yuan ($15 770) a ton as a support level on the Shanghai Futures Exchange. Chinese prices are currently near 109 000 yuan.<\/p>\n
\u00a9 2026 Bloomberg<\/p>\n
#Copper #closing #record #high #supply #pressures #build<\/p>\n","protected":false},"excerpt":{"rendered":"
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