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LME copper tops $14,000 as nearby spreads widen on tight supply
ING says tom-next premium hit $75/t and cash versus 3-month spread rose to $545/t, pointing to tight prompt availability.
ING analysts Ewa Manthey and Warren Patterson said LME copper has pushed above $14,000 per tonne, nearing recent record levels, as conditions in nearby trading tighten.
They cited a squeeze visible in derivatives and physical indicators, including a surge in the LME copper tom-next spread to a $75/t premium, the widest since January, and a cash/3-month spread trading at a $545/t premium.
The analysts attributed part of the tightness to reduced inventories, saying US-bound shipments of refined copper alongside Chinese buying have left less metal available in the LME warehouse network.
They added that the near-term outlook for support depends on whether supply tightness persists while demand tied to electrification and infrastructure remains resilient.
Latest closeCopper $6.606 ▲0.2%