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Copper tops $14,000 per tonne as tight supply boosts prompt demand
LME inventories have fallen to multi-month lows and the market has moved deeper into backwardation, ING says.
Copper prices rose above $14,000 per tonne on the London Metal Exchange, with ING highlighting tightening physical availability and strong prompt demand as key supports.
ING’s Warren Patterson and Ewa Manthey pointed to falling LME inventories, deeper backwardation, improved speculative positioning, and ongoing supply challenges as drivers behind the constructive outlook.
The note also cited copper volumes drawn into the US amid uncertainty over potential import tariffs, which, according to ING, has left inventories outside the US increasingly tight.
ING added that shipments into China and limited buffer stocks have helped keep availability constrained, and that copper net longs increased by 6,863 lots to 54,946 lots while aluminium net longs rose by 1,170 lots to 60,434 lots.
Latest closeCopper $6.632 ▲1.8%