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Copper near record highs after China restocks and inventories fall
Three-month copper on the LME settled at $14,783 per metric ton, up 0.8%, as Shanghai cathode stocks fell to 43,900 tons and warehouse inventories dropped sharply.
Copper extended its winning streak to six sessions, trading just below its all-time high as physical supplies tightened in China, OilPrice reports. Three-month copper on the London Metal Exchange settled Tuesday at $14,783 per metric ton, up 0.8%, according to Shanghai Metals Market, leaving it $92 short of the $14,875 record set Sept. 10.
The latest rally is also leaving copper close to undoing a prior selloff tied to a Reuters report that the White House’s copper tariff plan had stalled over affordability concerns, which knocked more than 5% off U.S. prices in a single session, OilPrice notes. The current move, however, is being driven by restocking ahead of Chinese holidays and continued warehouse drawdowns.
Shanghai cathode inventories fell to 43,900 tons last week, the lowest since 2023, based on SMM data cited by OilPrice. Inventories in Shanghai Futures Exchange warehouses are down 70% since early June, and imported cargoes that arrive are being directed to fabricators rather than stored, Mining.com reported.
In New York, Comex copper for December delivery reached $6.871 a pound during the session, within 2 cents of its $6.8885 record settlement from Sept. 9. OilPrice also reports that spot cathode in Shanghai traded at an average premium of 1,375 yuan a ton over SHFE futures on Tuesday, up 550 yuan in a day, with buyers front-loading purchases before markets closed Friday for the Mid-Autumn Festiv.
Latest closeCopper $6.766 ▲0.1%