Copper Marches Closer to $14,000 as Flows to US Tighten Market

Skip to Content News Archives Economy Energy Oil & Gas Renewables Electric Vehicles Mining Commodities Agriculture Real Estate Mortgages Mortgage Rates Finance Banking Insurance Fintech Cryptocurrency Work Wealth Smart Money Wealth Management Investor Personal Finance Family Finance Retirement Taxes High Net Worth FP Comment Executive Women Puzzmo Newsletters Financial Times Business Essentials More Innovation Information Technology FP500 Podcasts Small Business Lives Told Tails Told Shopping Financial Post Store Obituaries Place a Notice Advertising Advertising With Us Advertising Solutions Postmedia Ad Manager Sponsorship Requests Classifieds Place a Classifieds ad Working Profile Settings My Subscriptions Saved Articles My Offers Newsletters Customer Service FAQ News Economy Energy Mining Real Estate Finance Work Wealth Investor FP Comment Executive Women Puzzmo Newsletters Financial Times Business Essentials This advertisement has not loaded yet, but your article continues below.HomePMN BusinessCopper Marches Closer to $14,000 as Flows to US Tighten MarketCopper advanced to the highest in two months, nearing $14,000 a ton in London, as traders monitored ballooning volumes held in the US ahead of an expected decision on an import tariff by President Donald Trump.Author of the article: You can save this article by registering for free here. Or sign-in if you have an account.(Bloomberg) — Copper advanced to the highest in two months, nearing $14,000 a ton in London, as traders monitored ballooning volumes held in the US ahead of an expected decision on an import tariff by President Donald Trump.THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLYSubscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman, and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.SUBSCRIBE TO UNLOCK MORE ARTICLESSubscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.REGISTER / SIGN IN TO UNLOCK MORE ARTICLESCreate an account or sign in to continue with your reading experience.Access articles from across Canada with one account.Share your thoughts and join the conversation in the comments.Enjoy additional articles per month.Get email updates from your favourite authors.THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK.Create an account or sign in to continue with your reading experience.Access articles from across Canada with one accountShare your thoughts and join the conversation in the commentsEnjoy additional articles per monthGet email updates from your favourite authorsSign In or Create an AccountFutures headed for a second daily gain on the London Metal Exchange, building on a rise of more than 3% last month. More than 200,000 tons of copper arrived at US ports in July, the biggest monthly volume recorded in IHS Markit shipping data going back to 2014. That’s added to a huge hoard in American warehouses and ports, and sapped availability for buyers in the rest of the world.The US influx has gathered pace despite uncertainty over plans for a tariff on refined copper. The Commerce Department was scheduled to deliver a recommendation by June 30, but a decision has yet to be announced. US prices remain at a premium to those on the LME, keeping the trade profitable.Get the latest headlines, breaking news and columns.By signing up you consent to receive the above newsletter from Postmedia Network Inc.A welcome email is on its way. If you don't see it, please check your junk folder.The next issue of Top Stories will soon be in your inbox.We encountered an issue signing you up. Please try againCopper has rallied about 12% this year, posting a record in January. Its performance has been aided by speculation about US trade policy, as well as deep-seated enthusiasm about prospects for global demand given the energy transition and build-out of artificial intelligence infrastructure. At the same time, new mines are getting harder to find and more expensive to develop.In the latest pointer that the LME market is tightening, prices moved to a steeper backwardation, a structure that points to a squeeze on short-term supplies. Nearby contracts traded at a premium of $99.50 a ton over three-month futures, up from about $30 a week ago and the widest since January. “The coming period will be a critical juncture for the announcement of US copper tariffs,” Jinrui Futures Co. wrote in a note. Still, demand from some buyers in China had already weakened in the face of high prices, the brokerage said.Copper rose 0.7% to $13,970 a ton at 3:31 p.m. in Shanghai, as all of the other five main LME metals also gained. Zinc advanced 0.8% from its highest close since 2022, while aluminum climbed to its priciest since mid-June.This advertisement has not loaded yet.Notice for the Postmedia NetworkThis website uses cookies to personalize your content (including ads), and allows us to analyze our traffic. Read more about cookies here. By continuing to use our site, you agree to our Terms of Use and Privacy Policy.