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Copper hits fresh Comex record as London premium widens amid tightness
Immediate copper premiums in London widened to the widest level of 2026, with LME warehouse stocks falling 14% since late July to 214,550 tonnes.
Copper prices rose to a fresh record on the Comex, extending gains as easing US inflation reduced the risk of higher interest rates and a physical shortage in London boosted the premium for immediate delivery.
On Wednesday, copper for September delivery touched $6.7140 a pound, clearing the $6.7045 record set on August 5, before easing to $6.6335. Cash copper on the London Metal Exchange settled at $14,424.50 a tonne, a premium of $207.50 over the three-month contract, with that backwardation reported as the widest of 2026.
The tightness is reflected in declining inventories, with LME warehouse stocks falling to 214,550 tonnes, down more than 35,000 tonnes, or 14%, since the end of July. LME cash prices also remained higher than Comex copper, which traded around $14,625 a tonne versus the London three-month price.
The broader supply picture remains mixed, with Chile lowering its copper production forecast again as output weakened at key mines, and a Gresik smelter in Indonesia still down after a boiler leak on August 8. Mining.com also pointed to project moves across regions, including Bougainville clearing Lloyds Metals & Energy to advance preparatory and feasibility work at the Panguna mine and SM Investments planning to transfer its 34% stake in Atlas Consolidated Mining and Development.
Latest closeCopper $6.628 ▲0.5%