Copper falls as rising inventories cool supply worries

Copper prices slipped on Thursday as fresh metal deliveries to London Metal Exchange warehouses eased concerns over supply, Business Recorder reported. By 0300 GMT, the LME three-month contract was 0.44% lower at $14,293.5 a metric ton, while Shanghai’s most-traded contract declined 0.67% to 109,000 yuan ($16,331.79) a ton.

LME-registered copper stocks have risen for three days in a row, including 13,525 tons delivered on Wednesday across South Korea, the US, the Netherlands and other locations. However, high regional premiums and a $116.34-a-ton backwardation between cash and three-month LME copper indicated continued tightness in nearby supply. Codelco’s European premium reached $350 a ton, while China’s Yangshan premium climbed to $148 a ton, its highest since October 2022.