Copper jumps to six-month high on tight stocks, supply worries

The premium for LME cash copper over the three-month contract widened to $154 a ton, the most since October, signalling tightening conditions for near-term supply with total copper stocks in the LME-registered warehouses at 226,650 tons, the lowest since mid-February.

StoneX estimated at least 1.2 million tons of copper have entered the U.S. since February 2025, leaving about 64% of globally visible inventories in the country.

In other LME metals, nickel CMNI3 was down 2.0% at $16,770 a ton in official activity, having touched its lowest since July 13 at $16,565 after Chinese market information hub SMM reported that one of Indonesia's nickel ore miners had received an additional production quota.

LME zinc CMZN3 was up 1.8% at $3,795 after hitting a four-year high of $3,803. Tin CMSN3 was 0.1% lower at $56,675 having touched its two-month high of $57,015. Aluminium CMAL3 rose 0.5% to $3,258 and lead CMPB3 gained 0.4% to $1,893.