{
  "id": 2106262,
  "title": "Copper: Tight physical market supports prices – ING",
  "url": "https://urgent.news/2026/08/20/copper-tight-physical-market-supports-prices-ing",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-08-20T08:55:05.000Z",
  "source": {
    "name": "FXStreet",
    "slug": "fxstreet",
    "url": "https://www.fxstreet.com/news/copper-tight-physical-market-supports-prices-ing-202608200855"
  },
  "original_language": "en",
  "account": "ING's commodities team notes a slight easing of copper market tightness, as LME inventories rose by over 55kt over two sessions. Despite this, they caution that copper remains at risk due to prior inventory outflows, expected tariffs, and limited physical supply. The cash-to-three-month spread narrowed to a backwardation of $176/t, down from $545/t earlier. Tightness at the front of the curve implies the market squeeze has not yet fully subsided, and further inventory inflows could lead to volatility. In China, refined copper production grew by 1.3% year-on-year to 1.3Mt in July, bolstered by higher sulphuric acid by-product prices. Meanwhile, lead production fell 7.3% YoY to 580kt, and zinc output dipped 0.8% YoY to 629kt. Talks between the US and Canada involve potential tariff reductions for aluminium and steel shipments to 25% from 50%. The US Dollar shows signs of stabilization following the Treasury's bond buyback plan, and gold remains close to the highest level since early June, while altcoins hold steady after a recent rebound.",
  "summary": "ING’s commodities team, led by Ewa Manthey and Warren Patterson, reports Copper market tightness has eased slightly as LME inventories rose by more than 55kt over two sessions, narrowing the cash-to-three-month backwardation.",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}