Copper prices are approaching record levels amid data about a reduction in stocks of this metal in warehouses. They are one step away from the historical high recorded in January at $14,527 thousand per ton.
Copper inventories in LME-monitored warehouses have almost halved over the past three months - to 200 thousand tons, Bloomberg writes. awaiting the introduction of duties on its import. Investors also believe that long-term demand dynamics will be positive due to the use of copper in renewable energy.
The spot market copper price is $543.5 per tonne higher than the price of futures for delivery in three months. This is the highest spread since 2021, highlighting concerns about short-term supply shortages.
