Copper Heads Toward Record High on LME as Supply Tensions Build

Copper extended its seven-week rally and is pushing toward a record, supported by a widening key London Metal Exchange price spread. The spread is at unusual levels, signaling intensifying competition for short-term supply. Overall, the tape is bullish for near-term tightness.

Analysis

Copper extended its seven-week rally and is pushing toward a record, supported by a widening key London Metal Exchange price spread. The spread is at unusual levels, signaling intensifying competition for short-term supply. Overall, the tape is bullish for near-term tightness.