Copper prices are approaching record levels amid data on a reduction in stocks of this metal in warehouses. They are one step away from the historical maximum recorded in January at $14,527 thousand per ton.
Copper stocks in warehouses monitored by the LME have almost halved over the past three months, to 200,000 tons, Bloomberg writes.
Since the beginning of the year, copper has risen in price by about 16% amid active purchases of this metal in the United States in anticipation of the imposition of duties on its imports. Investors also believe that the long-term demand dynamics will be positive due to the use of copper in renewable energy.
The price of copper on the spot market is $543.5 per ton higher than the price of futures for delivery in three months. This is a record spread since 2021, indicating concerns about supply shortages in the short term.
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