Tight Inventories Cause Copper Prices to Rise
This past week saw the price of copper rise following a severe drop in the prior session as investor attention shifted to constrained inventories outside the United States. This came despite lingering uncertainty over whether current demand levels can be maintained. On the London Metal Exchange, benchmark three-month copper gained 0.4% to trade at $12,796 per metric ton, recovering from a 1.6% decline recorded at the start of last week. Despite this, prices remain below last week’s all-time peak of $13,407. Britannia Global Markets’ Head of Metals, Neil Welsh, explained in a note that while volatility continues to characterize the broader base-metals market, underlying supply tightness is still providing support. Signs of near-term…
