Copper trades near record highs despite Middle East worries
XLB•Other base metals mostly mixed
LME zinc CMZN3 rose 0.2% to $4,029.50 a ton after touching $4,051.50 for its strongest since April 2022.
"Zinc's move above $4,000 a ton reflects a much tighter physical market, with ongoing mine supply challenges continuing to support prices," Manthey said.
Among other metals, LME aluminium CMAL3 dipped 0.1% to $3,336.50 a ton, lead CMPB3 lost 0.4% to $1,908 and nickel CMNI3 eased 0.1% to $16,845 while tin CMSN3 gained 0.7% to $55,260.
COMEX premium and inventories continue to rise
COMEX copper HGc4 fell 1% to $6.76 a pound, bringing the premium of COMEX over LME copper to $260 a ton.
COMEX copper inventories HG-STX-COMEX continued to climb, reaching 797,275 short tons, or 723,275 metric tons as of Tuesday.
The premium of LME cash copper over the three month contract CMCU0-3 has tumbled to $40 a ton from more than $500 in mid-August after some inflows into LME warehouses partially eased supply worries.
