Copper Rises In US After Hitting Record High On LME On Friday
Copper has rallied around 13% on the LME, the global benchmark, since the end of August on a lack of supply.
Copper rose in the US after hitting a record high on the London Metal Exchange on Friday, with supply tightness exacerbated by an hours-long halt to trading.
The industrial metal advanced to a four-month high on the Comex on Monday in Asia. A chaotic hours-long halt to futures trading on the Chicago Mercantile Exchange led to a lack of liquidity and heightened volatility at the end of last week.
Copper has rallied around 13% on the LME, the global benchmark, since the end of August on a lack of supply. Traders have also been ramping up shipments to the US in recent weeks to capitalize on a big premium for metal on the Comex, which has been fueled by uncertainty about the potential for future tariffs on the metal from President Donald Trump.
Kostas Bintas, the high-profile head of metals at Mercuria Energy Group Ltd., renewed his bullish prediction for copper prices last week, warning that the shipments to the US risked draining the rest of the world’s inventories.
Copper rose 1% to $532.55 a pound on the Comex as of 8:44 a.m. in Singapore. The red metal closed up 2.3% on the LME on Friday, touching a record high of $11,210.5 a ton.
