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- LME Aluminum 3M Select trades $-5 lower to $3233.50 at 8:44:00 AM
- LME Copper 3M Select trades $-43.50 lower to $14306 at 8:44:00 AM
- (Bloomberg) – Copper steadied, after earlier gains took it closer to a record high, with short-term supplies continuing to look tight despite an easing of last week’s severe market squeeze. The industrial metal was little changed on the London Metal Exchange, retracing an earlier increase of 0.6% that followed its highest-ever close on Tuesday. Copper has surged 15% this year as traders ship huge volumes to the US, draining stockpiles elsewhere at a time when mine supply is also under pressure. The move culminated in a blow-out in LME spreads last week, with the price for spot material climbing to more than $500 a ton above three-month futures. The gap has since narrowed, but is still significantly higher than normal. The exchange’s September contract was roughly $100 a ton above October on Wednesday, from less than $50 at the end of last week, signaling a near-term lack of availability. For almost two months, the global metals market has been bracing for an announcement from the White House on its plans for import tariffs on refined copper, and metal has continued to flood into US ports and stockpiles ahead of any decision. Traders are monitoring the ebb and flow of LME inventories. Major deliveries of metal to exchange warehouses last week helped ease the crunch, but a request to withdraw more than 50,000 tons of copper on Monday stoked fresh supply concerns. On-warrant stockpiles in Shanghai Futures Exchange warehouses also fell for a sixth day on Wednesday. Benchmark three-month copper traded at $14,350 as of 1:03 p.m. in London, still close to its record intraday high of $14,527.50 set in January. Zinc was up 1.3% and tin lost 0.4%, while other base metals were little changed. The broader backdrop for copper’s surge is growing long-term demand from artificial intelligence, renewable energy and power grids. And with more supply needed, any disruptions to mine operations don’t help. The global market lost about 338,000 tons in the first half due to mining setbacks in Indonesia, Democratic Republic of Congo and Chile, according to consultancy Project Blue. “Copper prices remain underpinned by their own fundamentals,” Jinrui Futures Co. wrote in a note, pegging 106,000 yuan ($15,770) a ton as a support level on the Shanghai Futures Exchange. Chinese prices are currently near 109,000 yuan.
- CME HRC Steel last traded at $1200 and $-10 lower at 8/25/2026
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