Key Takeaways
- Copper prices reached their highest level in six months.
- Concerns over tightening stocks and reduced supply from the Democratic Republic of Congo pushed prices up.
- The U.S. import tariff decision remains a key factor influencing market dynamics.
LONDON: Copper prices have surged to their highest point in six months, reaching $14,275.50 per metric ton on the London Metal Exchange (LME) by 10:05 GMT on Thursday.
The price spike was driven by fears of tightening global stocks and reduced supply from the Democratic Republic of Congo (DRC), where the government has banned exports of copper concentrate to retain more value from its mineral resources.
According to a new government order reviewed by Reuters, the DRC's ban on exporting copper concentrate and cobalt concentrate is exacerbating supply concerns in the market.
These worries have been compounded by potential U.S. import tariffs, which are keeping COMEX copper prices above those of the LME benchmark and drawing metal into U.S. warehouses.
COMEX copper futures hit a record high of $6.723 per pound on Thursday, trading at a premium against the LME contracts as the market continues to price in a potential U.S. import tariff decision.
The most active COMEX September contract was last up 1.3% at $6.817 per pound ($15,029 a ton), reflecting ongoing uncertainty and tight supply conditions.
StoneX estimated that at least 1.2 million tons of copper have entered the U.S. since February 2025, leaving about 64% of globally visible inventories in the country.
In other LME metals, nickel prices fell by 2.2%, zinc gained 1.7%, and tin edged up 0.1%. Aluminium rose slightly to $3,253.50 per ton, while lead increased by 0.5% to $1,894.50.
The premium for LME cash copper over the three-month contract widened to $130 a ton, the highest since October, indicating tightening conditions for near-term supply with total copper stocks in LME-registered warehouses at 226,650 tons, the lowest since mid-February.
