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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.

Reported · Written up by our desk · Energy Transition

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 $6.544 ▼0.8%

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