Copper prices hit six-month peak on low inventories
CPER•Copper hits highest level in more than six months
Copper prices hit their highest in more than six months on Monday due to worries about availability on the London Metal Exchange, where inventories are at their lowest since February.
Benchmark copper CMCU3 traded up 1.1% at $14,310 a metric ton in official rings from an earlier high at $13,396. Prices of the metal used in the power and construction industries hit an all-time high at $14,527.5 in January.
Other exchanges and industrial metals also move higher
Meanwhile, copper stocks in Comex-registered warehouses at 735,470 short tons or 667,207 metric tons HG-STX-COMEX are up nearly 700% since U.S. President Donald Trump mooted import tariffs in February last year.
Elsewhere, copper inventories in warehouses monitored by the Shanghai Futures Exchange CU-STX-SGH have dropped more than 80% since the middle of March to 69,731 tons.
