Copper hits new all-time high as global supplies tighten
London Metal Exchange copper futures reached a record $14,533 per metric ton, while inventories in China and the U.S. fell sharply.
Benchmark copper on the London Metal Exchange touched a fresh record of $14,533 per metric ton, surpassing the prior high of $14,527.50. The price later settled at $14,518, up 0.7%, as traders expected muted volumes due to a U.S. holiday. Analysts point to ongoing tariff uncertainty and shrinking inventories—COMEX copper stocks hit a record 766,795 short tons, while Shanghai warehouse holdings fell to 63,000 tons, an 85% drop since mid-March and the lowest since January 2024.
The cash-forward premium exceeded $430 per ton, the highest level since 2021. Zinc rose 1.1% to $3,988 per ton, reaching its peak since May 2022, supported by similar supply constraints, while other base metals showed mixed movements.
