Copper heads for strongest week since May on supply concerns and tight stocks

Available LME copper stocks MCUSTX-TOTAL declined to 92,900 tons, the lowest since January, after a further 1,775 tons of warrant cancellations — orders to withdraw metal from warehouses, mostly in Kaohsiung.

The cash to three-month spread CMCU0-3 remained in steep backwardation of $119 a ton, indicating near-term tightness. Backwardation refers to the market condition where spot prices are higher than futures contracts.

Shanghai Futures Exchange copper stocks CU-STX-SGH nudged up 1.1% over the past week but remain at a historically low 70,116 tons.

In the U.S., meanwhile, COMEX copper stocks HG-STX-COMEX rose for a 34th consecutive day to 654,571 tons as metal flows to the country ahead of a possible tariff on imports.

COMEX copper HGc1, nonetheless, hit a record high of $6.73 per lb on Thursday.

U.S. President Donald Trump is expected to attend a round table with top mining executives on Friday as part of his administration's efforts to expand domestic and allied supplies of critical minerals.