Copper price heads for 10-week winning streak, closes in on record high

Mining09-04 10:07

Copper ticked ever closer towards a record high on Friday and was set to post a 10th straight weekly rise, as thinning inventories outside the U.S. supported prices. Benchmark three-month copper CMCU3...

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It has risen every week since the week beginning June 29 as ballooning inventories in the U.S. HG-STX-COMEX ahead of possible import tariffs tighten the market elsewhere.\nU.S. copper imports in July hit their highest level on record, while Shanghai Futures Exchange data on Friday showed copper inventories CU-STX-SGH fell 13% from last week to 63,000 tons, the lowest since January 2024.\nLME copper stocks dipped by 475 tons, and there were orders to withdraw another 1,550 tons.\nThe tariff uncertainty should continue to support copper, although already elevated prices are “likely to limit near-term gains,” BMI, a unit of Fitch Solutions, said in a note.\nThe dollar strengthened on Friday after Thursday’s slump, as data showed that U.S. employers added more jobs that expected in August, before paring gains. A stronger dollar makes greenback-denominated commodities more expensive for buyers using other currencies.\nAluminium CMAL3 slipped 0.5% to $3,295 but was still on track to end the week 1.6% higher. The cash-to-three-month aluminium spread CMAL0-3 flipped back into a slight contango, signalling more near-term availability.\n“We remain neutral to constructive near-term given low visible inventories and a still-tight physical market,” Citi said in a note on aluminium, adding that the balance would become more challenging over the next six–12 months as ex-China supply growth accelerates.\nZinc CMZN3 added 0.8% to $3,943.50, with the three-month spread CMZN0-3 still in steep backwardation at $152 a ton.\nLead CMPB3 was up 0.3% at $1,909 after orders to withdraw 8,450 tons of stock MPBSTX-TOTAL, while nickel CMNI3 nudged up 0.4% to $16,855 and tin CMSN3 shed 0.2% to $54,860.\n(Reporting by Tom Daly; addional reporting by Solomon Cefai; Editing by Ronojoy Mazumdar, Eileen Soreng and Louise Heavens)","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":false,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"isLaohu8Offline":false,"tenantId":"TBGLOBAL","deviceId":"web-server-community-laohu8-v3","version":"4.49.0","shortVersion":"4.49.0","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2665356406","isCrawlerRequest":true}