Copper rises 1.1% to $14,310 on LME as deliverable supplies tighten
AI Market Summary
Copper extended gains to multi-month highs as LME deliverable inventories fell to the lowest since February and cancelled warrants reached ~50%, signaling potential further stock drawdowns. A sharp cash-to-3M backwardation (highest since 2021) underscores near-term tightness, likely driven by metal shifting to the U.S. ahead of tariff risks. A weaker U.S. dollar also supported broad industrial metals.
Impact level
● High
Affected assets
NCCO724COPPER2USD/USDT-2.22%
AI Insight · NCCO724COPPER2USD/USDTAI Insight
▲ Bullish
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Copper on the London Metal Exchange gained 1.1% to $14,310 a metric ton, after earlier touching its highest level in more than six weeks. Cancelled warrants rose to 50% of inventories, while the cash contract’s premium over three-month copper climbed to its highest since November 2021, pointing to tighter deliverable stocks. LME cash copper hit a record $14,830 a ton on Monday.
