Metals-Copper holds above $14,000/t as stocks outside the US tighten

**COMEX copper HGc1** traded at a premium against the LME benchmark **0#LMECMXCU:** as the market awaited a potential U.S. import tariff decision, encouraging inflows into COMEX inventories. COMEX stocks pulled in **45,000 tons** in July alone. **HG-STX-COMEX** On the supply side, Chile's **Codelco** paused one of its expansion projects at its flagship **El Teniente** mine a year after a deadly collapse, saying recent studies show greater seismic risk. > "We remain constructive on the copper market given the physical and longer-dated tightening, the supply disappointments, and the uncertainty around tariffs," analysts at **RBC Capital Markets** said. Supporting copper and other growth-dependent metals was improved risk sentiment after U.S. President Donald Trump said his administration had "very good discussions" with Iran on Tuesday, fuelling expectations of an end to their five-month conflict. Among other LME metals, **zinc CMZN3** rose **0.7%** to **$3,699 a ton** after hitting **$3,709**, a four-year high. With LME available zinc stocks at **73,825 tons**, the lowest since December, short-term LME zinc contracts were trading at a premium over contracts with longer maturities. **CMZN0-3** **LME aluminium CMAL3** added **0.2%** to **$3,228.50**, **lead CMPB3** fell **0.2%** to **$1,892.50**, **tin CMSN3** gained **0.6%** to **$56,255** and **nickel CMNI3** lost **0.9%** to **$17,045**. Copper prices held above the psychological level of **$14,000 per metric ton** 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. Benchmark three-month copper **CMCU3** on the LME was steady at **$14,066 a metric ton** by 1004 GMT. The contract hit **$14,117**, its highest level since May 14, on Tuesday. 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.

Metals-Copper holds above $14,000/t as stocks outside the US tighten

COMEX premium, Codelco pause, and analyst view

Other metals move with improved risk sentiment

Copper holds above $14,000 a ton as inventories tighten

Related News

XPEL Q2 revenue rises on China, Asia Pacific growth

Compass, Inc. <COMP.N>: Morgan Stanley raises target price to $14.00 from $12.50

Cencora climbs after raising annual profit forecast

Holley Performance Brands slightly misses Q2 sales estimates, reiterates 2026 guidance

ContextLogic sees $95 million-$105 million free cash flow in 2027 after gChem deal