LME copper hits record $14,533 a ton as supply tightens outside the U.S.
AI Market Summary
Copper hit a record on the LME as evidence of tight supply outside the U.S. intensified: cancelled warrants near 51% signal significant metal likely exiting LME warehouses, while SHFE stocks are down ~85% since mid-March and backwardation indicates near-term scarcity. Tariff uncertainty continues to pull inventory toward the U.S., widening regional dislocations. A softer dollar added broad support for base metals.
Impact level
● High
Affected assets
NCCO724COPPER2USD/USDT+0.03%
AI Insight · NCCO724COPPER2USD/USDTAI Insight
▲ Bullish
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Copper on the London Metal Exchange hit a record $14,533 a metric ton. Cancelled warrants stood at 51%, indicating more than 121,000 tons could leave the LME system in the coming weeks. The cash-to-three-month premium rose above $430 a ton in mid-August, the highest since 2021, underscoring near-term supply tightness.
