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Three-month copper futures on the London Metal Exchange (LME) increased to $14,617 per tonne, exceeding the prior record established only the day earlier. Futures have increased by 16% since the start of the year.
The copper contracts that saw the highest trading volume on the Shanghai Futures Exchange increased by 1.3% on Tuesday to 110,620 yuan ($16,484) per tonne, reaching a peak of 110,890 yuan per tonne during the session, the highest point since January 30.
Analysts at the Chinese brokerage Everbright Futures observed that physical copper supplies are still being diverted to the US, worsening shortages in markets beyond the country.
The movement of metal to the US is influenced by the anticipation that tariffs on copper imports will be implemented in 2027.Copper stocks in Comex warehouses increased to a historic 695,624 tonnes last week. At the same time, withdrawals of the metal are being noted at storage facilities associated with the LME and the Shanghai Futures Exchange.
The LME spot price for copper continues to exceed the three-month contract price, indicating a constrained short-term supply.
Three-month zinc futures on the LME increased by 0.54% to reach $4,005 per tonne. Earlier in the session, the price rose to $4,035 per tonne, marking a four-year peak.
source: tradingeconomics.com
The copper contracts that saw the highest trading volume on the Shanghai Futures Exchange increased by 1.3% on Tuesday to 110,620 yuan ($16,484) per tonne, reaching a peak of 110,890 yuan per tonne during the session, the highest point since January 30.
Analysts at the Chinese brokerage Everbright Futures observed that physical copper supplies are still being diverted to the US, worsening shortages in markets beyond the country.
The movement of metal to the US is influenced by the anticipation that tariffs on copper imports will be implemented in 2027.Copper stocks in Comex warehouses increased to a historic 695,624 tonnes last week. At the same time, withdrawals of the metal are being noted at storage facilities associated with the LME and the Shanghai Futures Exchange.
The LME spot price for copper continues to exceed the three-month contract price, indicating a constrained short-term supply.
Three-month zinc futures on the LME increased by 0.54% to reach $4,005 per tonne. Earlier in the session, the price rose to $4,035 per tonne, marking a four-year peak.
source: tradingeconomics.com
