Copper retreats from near $14,310/tonne six-month high as LME deliveries ease squeeze
Copper prices have pulled back after hitting a six-month high near $14,310 a tonne in August, with LME three-month copper settling 1.2% lower on Tuesday at $13,986.50 a tonne as the spot premium narrowed sharply. The pullback followed a jump in metal delivered into LME warehouses, lifting readily available inventories and reducing the market’s willingness to pay for immediate supply. Longer term, S&P Global forecasts global copper demand could rise about 50% to roughly 42 million tonnes by 2040, potentially leaving a 10 million-tonne supply shortfall. Construction, industrial uses and infrastructure remain the largest demand drivers.