Copper nears record on supply tightness

COPPER was on course for a record close after rising on signs of tightening global supply, Bloomberg reports.It gained as much as 0.9% on the London Metal Exchange (LME), moving above its previous closing high set in mid-May.Strong demand linked to data centres and power grids has supported prices, but supply constraints have been equally important.Large volumes of copper have been shipped to the US this year ahead of a decision by President Donald Trump on import tariffs.The move has drained stocks from LME warehouses. At the same time, stronger buying from China has intensified competition for available supplies.Copper, widely used in wires and cables, has gained about 14% so far this year.The long-term rally is being driven by growing electrification linked to the energy transition. Declining ore grades at existing mines and the rising cost of developing new projects have also supported prices.ING Bank said tight physical markets, low inventories and constrained mine supply should continue to underpin prices.However, uncertainty over US tariffs continues to distort global trade flows. Bloomberg Intelligence warned that a prolonged conflict involving Iran, combined with resilient Chinese output, could create a surplus of 500 000 tons next year.For now, tight near-term supply remains the key trend. Cash copper continues to trade at a premium to three-month futures on the LME, signalling strong demand for immediate delivery.The post Copper nears record on supply tightness appeared first on Miningmx.Weiter zum vollständigen Artikel bei Mining.com Weiter zum vollständigen Artikel bei Mining.com