Back to today’s briefing

Story perspectives

Copper Prices Surge Amid Historic Supply Shortages

6/24/2025

42 6

Summary

Story summary

Copper prices are currently in historic backwardation, with spot prices exceeding three-month futures by $345/tonne, signaling tight supply.
LME inventories have plummeted by 80% this year, now representing less than a day's global consumption.
US copper imports exceeded 200,000 tonnes in April, driven by tariff speculation.
The LME is taking steps to mitigate systemic market pressures impacting copper prices.

1 of 1

Story summary

Copper prices are currently in historic backwardation, with spot prices exceeding three-month futures by $345/tonne, signaling tight supply.
LME inventories have plummeted by 80% this year, now representing less than a day's global consumption.
US copper imports exceeded 200,000 tonnes in April, driven by tariff speculation.
The LME is taking steps to mitigate systemic market pressures impacting copper prices.