METALS-Copper jumps to hits record high on weak supply outside US
XLB•Other base metals also advance
Zinc also rallied, with LME zinc (CMZN3) up 0.5% at $4,005 a ton, after touching $4,035, its highest in more than four years.
Among other LME metals, aluminium (CMAL3) added 0.4% to $3,324 a ton, lead (CMPB3) rose 0.2% to $1,904, nickel (CMNI3) gained 0.8% to $16,840 and tin (CMSN3) rose 0.3% to $55,300.
($1 = 6.7108 Chinese yuan renminbi)
Copper hits another record on tight supply
Copper prices extended their rally on Tuesday, hitting another record peak on speculative buying on the back of tight supply outside of the U.S. and weak mine output.
Three-month copper on the London Metal Exchange (CMCU3) gained 1.1% to $14,674 a metric ton by 1040 GMT, surpassing the previous record set on Monday.
LME copper has gained 18% this year, largely due to a large flow of metal moving to the U.S. in anticipation of tariffs being imposed there on refined copper.
Inventory shifts deepen supply tightness outside the U.S.
In the U.S., COMEX inventories (HG-STX-COMEX) swelled to a record 766,795 short tons, or 695,624 metric tons, as of last Friday, ahead of Monday's U.S. holiday.
"The still-elevated COMEX-LME price spread suggests physical copper continues to flow into the United States, deepening the supply tightness in markets outside the U.S.," an analyst at Chinese broker Everbright Futures said.
Copper stocks in LME-registered warehouses have shed nearly 40% since late May while SHFE inventories (CU-SGH-STX) stood at around 63,000 tons last week, down 85% from a mid-March peak and the lowest since January 2024.
