METALS-Copper holds above $14,000/t as stocks outside the US tighten
XLB•LME stocks keep tightening
Daily LME stocks data showed that more metal was pulled out of LME-registered warehouses in Asia. With 6,525 metric tons of outflows on Tuesday, total stocks are at 231,825 tons, the lowest since mid-February, with available stocks at 94,125 tons, the lowest since mid-January.
Signalling tightening conditions for near-term supply, the premium of the LME cash copper contract over the three-month contract CMCU0-3 was last at $117.5 a ton, the highest level since October.
Copper prices hold above $14,000 a ton
- Copper prices held above the psychological level of on Wednesday, supported by falling inventories in the London Metal Exchange system as more metal was pulled into the U.S. ahead of potential tariffs on refined copper.
