Copper held near recent levels as traders awaited the Fed decision later
Wednesday, focusing on rising inventories and looser spreads. LME futures ticked
up but remain well below last week's record high driven by bets U.S. tariffs
would tighten supply. LME-certified offshore warehouse stocks rose again this
week, easing tightness; three-month futures trade $62.53 per tonne above spot, a
contango that signals ample supply after weeks of backwardation. Market
participants have been shipping metal into U.S. warehouses to capture potential
tariff-driven domestic premiums, but the White House has not enacted new
measures. The Fed is widely expected to deliver its first rate increase since
2023, a typical headwind for non-yielding commodities.
