LME Copper Breaks Above $14,500 a Ton as Supply Tightens
AI Market Summary
LME copper hit a record $14,533/ton as expected US tariff policy pulled seaborne supply into US warehouses, tightening availability elsewhere despite muted end-demand. The rally is reinforced by weak mine supply growth, persistent scrap tightness (secondary rod output down ~50% y/y), and falling Chinese upstream/downstream inventories. Market focus shifts from global stock levels to regional deficits and dislocated inventories, supporting elevated spot tightness and volatile spreads.
Impact level
● High
Affected assets
NCCO724COPPER2USD/USDT+0.65%
AI Insight · NCCO724COPPER2USD/USDTAI Insight
▲ Bullish
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London Metal Exchange copper futures hit a record high on Tuesday, reaching $14,533 a ton, up 17% this year. Traders expect potential U.S. tariff policy to pull large volumes of copper into U.S. warehouses, and the U.S. has overimported 730k MT year-to-date, tightening supply elsewhere. Scrap copper remains tight, with secondary rod output down 50% y/y, while inventories in China have fallen sharply both upstream and downstream, adding support to prices.
