Copper extended its rally and is approaching this year’s intraday record as short-term supply stays tight despite some easing of last week’s squeeze. LME copper is up about 16% YTD. Traders are shipping large volumes to the US, draining inventories elsewhere while mines struggle to meet rising demand. The squeeze pushed the LME spot/3-month spread above $500/tonne at one point; it narrowed but was about $156/tonne at Tuesday’s close, well above normal. LME copper rose 0.5% to $14,415.50/tonne, n

2026-08-26

Copper extended its rally and is approaching this year’s intraday record as short-term supply stays tight despite some easing of last week’s squeeze. LME copper is up about 16% YTD. Traders are shipping large volumes to the US, draining inventories elsewhere while mines struggle to meet rising demand. The squeeze pushed the LME spot/3-month spread above $500/tonne at one point; it narrowed but was about $156/tonne at Tuesday’s close, well above normal. LME copper rose 0.5% to $14,415.50/tonne, nearing the Jan intraday high of $14,527.50/tonne.