Copper: Near record highs on tight supply – ING
ING’s Warren Patterson and Ewa Manthey report Copper trading comfortably above $14,000/t, close to record highs, supported by tariff-related stockpiling into the US and tight physical markets elsewhere. They flag low inventories, constrained mine supply and ongoing disruptions as key supports.
Copper prices reached near record highs, trading comfortably above $14,000 per tonne, according to ING analysts Warren Patterson and Ewa Manthey. The surge in copper prices was driven by tariff-related stockpiling in the US and tight physical markets globally, with low inventories and constrained mine supply contributing to the bullish outlook.
However, the analysts cautioned that any disappointment on US tariff measures could lead to a consolidation phase in copper prices. The Democratic Republic of Congo (DRC) had reportedly restricted exports of copper concentrates, but the impact on the refined market was expected to be limited, as most of the DRC's copper is exported as cathode rather than concentrate.
The bullish market backdrop was characterized by low inventories, tight concentrate availability, and ongoing supply disruptions.
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