Copper Rises to Record High

Copper futures rose to over $6.7 per pound on Thursday, a record high, amid mounting concerns of tight supply and signs of robust demand. The DR Congo announced a ban on exports of copper concentrate effective immediately. The move was in line with growth protectionism for ore-rich countries to spur the development of refining and processing capacity domestically. Meanwhile, development at a portion of Codelco's flagship El Teniente mine could remain suspended for as long as two years. Meanwhile, trading funds continued to take long positions on metal exchanges amid scarcity for on-warrant inventories, falling visible stockpiles in China, and robust US buying ahead of a possible tariff announcement. Data showed that more than 200,000 tons of copper arrived at US ports in July, marking the largest monthly inflow in over a decade. Likewise, deliverable copper stocks an SHFE inventories nearly halved in July to 69.3 thousand tonnes.

Copper futures held above $6.6 per pound on Thursday, remaining close to record highs as tightening global inventories and persistent supply risks in top producer Chile continued to support prices. Development at the Andes Norte section of Codelco’s flagship El Teniente mine could remain suspended for as long as two years, adding to supply tightness in the global copper market. Across the mining industry, producers are extending operations deeper underground as mature ore bodies become depleted, exposing them to greater geotechnical challenges like those affecting El Teniente. Meanwhile, analysts flagged an increasing risk of a short-term squeeze on the London Metal Exchange, driven by scarce on-warrant inventories, falling visible stockpiles in China, and robust US buying ahead of a possible tariff announcement. Data showed that more than 200,000 tons of copper arrived at US ports in July, marking the largest monthly inflow in over a decade.

Copper futures rose above $6.6 per pound, moving closer to fresh record highs as tightening global supply supported prices. Traders continued to ramp up shipments to the US while drawing down inventories elsewhere ahead of an expected decision by the Trump administration on copper import tariffs. Industry data showed that more than 200,000 tons of copper arrived at US ports in July, marking the largest monthly inflow in over a decade and adding to the substantial stockpiles built up over the past year. Meanwhile, copper inventories across the London Metal Exchange’s warehousing network fell to a five-month low, with traders pointing to increased shipments to China to ease a domestic supply shortage. Copper also remained supported by its strong long-term demand outlook, driven by the global transition to clean energy and the rapid expansion of artificial intelligence data centers.