Copper prices are approaching historic highs, and the rise in key spot prices on the London Metal Exchange has expanded to abnormal levels, indicating that market competition for copper supply is intensifying. The spot price of LME copper was once 478 US dollars per ton higher than the three-month contract, the biggest increase since the 2021 round of large-scale foreclosure. This inverse spread structure where the spot price is higher than the forward price usually reflects short-term demand exceeding the spot supply ready for delivery. Since this year, copper prices have accumulated a cumulative increase of nearly 16%. As the market continued to send large stocks of copper to the US before the Trump administration's tariff decision was announced, available supply in other regional markets declined. LME's three-month copper rose 1.4% to $14,363.50 per tonne, and is expected to rise for the eighth consecutive week. This rise has brought copper prices closer to the intraday high of $14,527.50 per ton set in January this year.

Copper prices are approaching historic highs, and the rise in key spot prices on the London Metal Exchange has expanded to abnormal levels, indicating that market competition for copper supply is intensifying. The spot price of LME copper was once 478 US dollars per ton higher than the three-month contract, the biggest increase since the 2021 round of large-scale foreclosure. This inverse spread structure where the spot price is higher than the forward price usually reflects short-term demand exceeding the spot supply ready for delivery. Since this year, copper prices have accumulated a cumulative increase of nearly 16%. As the market continued to send large stocks of copper to the US before the Trump administration's tariff decision was announced, available supply in other regional markets declined. LME's three-month copper rose 1.4% to $14,363.50 per tonne, and is expected to rise for the eighth consecutive week. This rise has brought copper prices closer to the intraday high of $14,527.50 per ton set in January this year.