- Copper prices hit a new record above $11,400 a ton on LME due to high withdrawal requests
- Withdrawal requests from LME warehouses surged to the highest level since 2013, led by Asia
- Speculation of looming copper shortage fueled recent gains amid US import tariff concerns
Copper rallied to a fresh record after requests to withdraw metal from London Metal Exchange warehouses surged by the most since 2013, led by orders in Asia.
Prices rallied as much as 2.4% above $11,400 a ton, surpassing a peak struck on Monday, after data from the exchange showed spikes in orders for copper in Taiwan and South Korea.
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Gains in recent weeks have been fueled by speculation there could be a looming shortage as traders divert huge volumes of the metal to the US to front-run possible import tariffs.
Supply issues have dominated the copper market throughout this year after a series of unplanned mine disruptions from Indonesia to Chile. Chinese smelters and miners are locked in supply talks for 2026 that are proving difficult as miners hold the upper hand in negotiations.
Investors are also awaiting a slew of US data due this week, including reports on private sector employment, import prices and industrial output.
Copper was up 2.3% to $11,400.50 a ton by 10:03 a.m. local time on the LME, taking gains for this year to about 30%. Aluminum gained 0.9% and zinc rose 0.8%.
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