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Copper hits fresh US record as tariffs boost US hoarding
Comex copper inventories are up more than 40% this year to record levels, even as the supply outlook outside the US continues to deteriorate.
Copper prices rose to a fresh all-time high in New York on Wednesday, driven by tariff-related demand to bring metal into the US while supplies elsewhere have worsened, according to Mining.com.
Copper for September delivery reached $6.7045 per pound on the Comex, surpassing a mid-May intraday peak of $6.69, and was up 0.6% versus Tuesday’s settlement, lifting year-to-date gains in New York to about 17%.
In London, copper traded near $14,050 a tonne after topping $14,000 earlier in the week, with the LME market moving into backwardation, including a cash premium of more than $100 over three-month metal, the widest since January.
More than 200,000 tonnes of copper arrived at US ports in July, the largest monthly inflow since records began, and US hoards including private port storage are estimated at well above 1 million tonnes, as traders weigh tariff decisions that are now overdue and the prospect of a reopening of the Strait of Hormuz that could come too late for some parts of the supply chain.
Latest closeCopper $6.632 ▲1.8%