Copper: Record highs on tightening supply – ING
ING’s Ewa Manthey and Warren Patterson report that LME copper has surged to a record high above $14,000/t, with a sharply backwardated cash/3M spread underscoring near-term tightness.
ING reports that LME copper has reached a record high above $14,000 per tonne, underscoring acute supply tightness in the market. A backwardation of $518.5 per tonne on the cash/3M spread highlights the near-term shortage of copper. LME inventories have hit their lowest level in 42 sessions, falling to 204,975 tonnes, while Chilean copper production is expected to decline by 2.6% in 2026, further tightening supply.
Strong speculative long positions on COMEX copper have also contributed to the rally, with net long positions increasing to 80,880 lots.
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